Would you briefly explain the difference between Covenant Theology and Dispensational Theology?

The multiple labels that Dr. Tambrino uses are confusing for most people and ultimately divisive (orthodox Protestantism, evangelical Protestantism, dispensationalists, premillennialists and cessationalists). Whatever happened to calling those who confess Jesus as their Lord and believe that God raised him from the dead by what the Bible calls them: believers, saints, brethren, Christians, members of the one Body of Christ?

Doesn’t separating God’s covenants and dispensations and subscribing to one or the other only create further division within the Christian Church? The Bible speaks of various covenants (accurately listed in the article), and as believers, we would do well to understand them in context of their biblical usage and history. The Bible also speaks of dispensations throughout history, and it would be wise for us not to understand them as well (the ones that God’s Word speaks of, not the theological ones that Dr. Tambrino listed).

Shouldn’t we be more interested in biblical clarity rather than theological confusion? If anyone would like to take a closer look at what the Bible teaches on these subjects, I would enjoy studying along with you.