Destructive Debt

Chuckle:  Husband:  "The bank returned your check."  Wife:  "Good, now I can use it for something else."

 

Good quote:  “This would be a much better world if more married couples were as deeply in love as they are in debt.” --Earl Wilson

 

DESTRUCTIVE DEBT

 

    "Just as the rich rule the poor, so the borrower is servant to the lender"  (Proverbs 22:7 NLT).

 

The greed of unscrupulous lenders, excessive appetite for possessions by borrowers, and investments in risky mortgage backed securities by financial institutions brought our country to the depths of recession from which we are now slowly recovering.  It's clear that greed and materialism are at the root of our nation's financial problems.  Credit is a good thing when we manage it wisely and do not get in over our heads.  By living within our means, we can enjoy the benefits of credit without becoming its slave.  However, many are so deeply in debt that they live in a constant state of desperation and anxiety.  Indebtedness robs them of the joy of living. 

 

According to 1 Kings 4:29-34, God made Solomon the wisest man on earth, and he wrote many of the proverbs in the Bible.  He knew that the debtor's life would be dictated by those to whom he owed money, especially if the amount of debt is greater than his ability to pay.  This  proverb is not saying we should never borrow.  Rather, it implies a warning to examine carefully our ability to pay before entering into a loan arrangement.  Such examination should include the possibility of reduced income or even periods of unemployment.  We should always take into account unexpected emergencies which could reduce our ability to pay our debts.

 

A loan handled wisely enables us to do what we couldn't do without it, but a loan which is beyond our ability to handle is disabling and ruinous.  Each borrower must realize that until the debt is paid in full, he is the servant of the lending agency or individual from whom the loan was obtained.  There's a new golden rule in effect today:  "He who has the gold makes the rules."

 

In my ministry, I have counseled with many couples/families whose debt from credit cards, retailers, and mortgage companies was overwhelming and they could see no way out.  Often the indebtedness was putting a strain on marriage relationships and stress within the entire family.  I believe that the mishandling of finances is the number-one cause of domestic disharmony and unhappiness.  As Christians, we should incur debt very carefully and we should always pray for God's guidance before entering into any credit agreement and ask, will God be pleased with what I'm doing -- is it the right thing to do? 

 

Love, Jerry & Dotse