Proverbs 22:7 says, ‘The rich rules over the poor, And the borrower becomes the lender’s slave.”
This accurately sums up debt. Once you accrue it, you become a lender’s slave. There is no freedom in debt- just the shackles that bind us to paying today for our yesterdays and the stress that comes with it. Debt has a stranglehold over too many families, and is often the leading causes of marital breakups globally.
The Balance.com reports:
- Credit card debt in households rose to an average of $8,640 per household. In America, changes to the bankruptcy act led to more individuals turning to credit cards just to cover expenses. According to the report, most expenses went to cover unexpected health care costs.
- Auto loans are the number two cause of high debt load. Due to lowered interest rates, many consumers seized the opportunity to buy a new vehicle. However, the payment plan extends over a 3-5 year term, and failure to meet payments often results in the bank reclaiming the asset.
- Third on the list are educational loans. The government made school loans more affordable with low interest rates. Most loans are repayable within a 10-25 year period. However, while it’s intent was to boost the economy with skilled labour and to boost employment, in the event of a recession, many people loose their jobs are are unable to repay the loan.
The Balance offers an interesting read. Yet while there is a temptation to engage in loans for a “good cause” such as investing in education, one needs to consider the drastic drawbacks. We never enter into debt with the concern that we won’t be able to pay it back. Our rationale is always that we will be able to afford it, or we can afford it at the time. When dealing with school loans, we never conceive that we may have difficulty getting a job or face unemployment in the event of a recession. Yet it happens to thousands of people every day. Then we are not only forced to examine how we are going to manage our day to day expenses, but have the additional stress of being faced with our financial responsibilities due to debt. As many are quite aware, it feels as if a millstone were placed around your neck. It simply weighs you down.
Whether your debt is justified, or due to mismanagement, our next issue will discuss with you not only what scripture says about debt (for those of you who are considering credit for whatever expense), but additionally how credit should be managed properly so as not to place a stranglehold over an individual or family.
Additionally, for those who are sinking in debt, Ross Thompson will also discuss how God moves supernaturally to cancel out debt. Yes, God does and can move supernaturally over debt!
All this and more surrounding your financial success can be found in our next issue coming out on December 27!