Debt

“The rich rule over the poor, and the borrower is the slave of the lender.” (Proverbs 22.7)

Some debt is unavoidable. A mortgage is a debt, but it becomes an asset in housing markets – it increases in value. We incur some debts because of unforeseen circumstances for which little could have prepared us. Of course, this is where savings and insurances are likely to help.

But most debt is avoidable and highlights the human tendency to ‘need to have.’ The average credit card debt of each American is $7000. This equates to a whopping total, just shy of one trillion dollars. And many Christians are no different than their neighbors, all trying to keep up with each other.

An ingredient vital to proper money management is self-discipline. Spending needs to be based on what we have, not what we don’t have or what Credit Card companies/Banks assure us we are worth.

Lines of credit are no such thing; they are nothing more than ways for a bank to keep you in their grasp – forever paying exorbitant interest for things quickly dated and even unnecessary. Credit Cards mock reality in favor of creating fantasy.

If we don’t live within our means, our upkeep will be our downfall. This takes discipline and a healthy realization of our current station in life. If we don’t have the money for something new, we don’t have the money for that thing. Don’t buy it. Your life will not be less for not having that ‘must have’ thing. Jesus said, “Take care! Be on guard against all kinds of greed; for one’s life does not consist in the abundance of possessions.” (Luke 12.15) We are slaves to greed when we live beyond our means.

I found myself in credit card debt many years ago. It was not a devastating amount, but it required focus and discipline to pay off, which I did in 18-24 months. Of course, I prayed and asked for help – cash, if truth be known. But the journey out of debt was as important as the descent into it. Instant relief would not have built the discipline required to stay out of debt. If you find yourself in self-induced debt, you will likely have to, with discipline and self-sacrifice, dig your way out of it. No other means effectively teaches us to stay clear of debt in the future.

The point of not being in debt is to live a life of generosity. “And God is able to provide you with every blessing in abundance, so that by always having enough of everything you may share abundantly in every good work.” (2 Corinthians 9.8)