The Danger of Borrowing September 17, 2007
Posted by Han in : Finance , trackbackLet no debt remain outstanding, except the continuing debt to love one another, for he who loves his fellowman has fulfilled the law. Romans 8:13
This article is meant for people who often have the habit of borrowing and feel that borrowing is the only solution to their entire financial problem. I would like to encourage them to take a different approach that is to pray and rely on God instead resorting to borrowing.
Debt is the condition of being in bondage to another person. There is an obligation to pay back what you owed. A debt can involve money, promises, possessions, meals, time or favors. The message of scripture on borrowing is very clear – do not do it! God commands Christians to keep out of debt – let no debt remain outstanding.
Now listen, you who say, “Today or tomorrow we will go to this or that city, spend a year there, carry on business and make money.” Why, you do not even know what will happen tomorrow. What is your life? You are a mist that appears for a little while and then vanishes. James 4:13-14
Do you know that borrowing is based on the assumption that future conditions will allow you to repay the debt? But this presumption may cost you heftily. Look at James 4:13-14, you don’t even know what will happen tomorrow!
Do you know that borrowing gives you a temporary illusion of independence? It encourages you to be independent of God. You don’t have to wait for wise counsel or God’s provision but you can make your own decision. You don’t have to pray and wait for God.
Do you know that God has His own reason for withholding funds? Don’t have enough fund by itself is already a signal from God, a signal to re-evaluate your life, your plan, and most important your faith in Him. Borrowing evades these purposes and allows the Christian to continue in his own way, own wisdom and own effort.
Do you know that borrowing interferes with the provision of God? God wants to demonstrate His supernatural power through the lives of men and women of faith. But borrowing prevents the work of God and motivates Christians to walk in their own way.
Do you know that borrowing removes barriers to harmful items? What does it means? There are many things which you think it is beneficial but God knows they are not. In fact they are harmful. In His mercy and wisdom He may limit funds so that you cannot afford them. When God does not provide the money, Satan tempts you to get the money in other ways and by doing so you fall into temptation and a trap and into many foolish and harmful desires that plunge men into ruin and destruction (1 Timothy 6:9).
Do you know that borrowing demonstrates discontent with the basic? God has promised to provide food and clothing. He wants you to be content with these things. Borrowing is usually done for items other than basic necessities. If money is borrowed for basic needs, it usually indicates that money which God provided for food and clothing was used for non-essential. God warns about the consequences of coveting the power to buy whatever our heart desires.
For the love of money is a root of all kinds of evil. Some people, eager for money, have wondered from the faith and pierced themselves with many griefs. 1 Timothy 6:10
Do you know that borrowing devours your resources through high interest payment? Most people who borrow money do not comprehend the final price tag of using someone else money. They are taught to think only in terms of monthly payment. Those who borrow money usually look upon the interest as a small amount, but in the reality, the interest payment constitute a very large part of the total cost of the loan.
Do you know that borrowing stifles resourcefulness? Only when a man makes a firm and final decision that he will not borrow money, can he be mentally, emotionally, and spiritually free to be creatively resourceful. ‘Easy’ money cut off creative solutions to financial needs.
Do you know that borrowing promotes impulse buying? God expects Christians to prayerfully consider their decisions regarding the management of the funds which he provides. In contrast to this, the world encourages buyers to make impulsive decisions based on the desires of that moment. Easy access to money lends itself to impulsive purchases which by-pass prayerful thought and wise counsel.
It is not good to have zeal without knowledge, nor to be hasty and miss the way. Proverbs 19:2
Do you know that borrowing weakens your personal faith? Christian who relies on credit does not feel that he needs to trust God during the most critical time of decision making. He is convinced that, if he can afford the monthly payments, he can buy the item. However, God wants him to discern whether it is His will to buy it.
Do you know that borrowing causes overspending? The credit card system is a major way of borrowing for depreciating items. Credit card users tend to but more than those who pay cash, and they tend to pay more for the items that they buy. Overspending is destructive in itself. However, overspending produces pressures and conflicts which will damage family relationships. Behind overspending is a basic lack of self-control. When this is conquered by the power of the Holy Spirit, the habit if borrowing money can also be overcome.
Lastly, there are some people that may not have that level of faith to totally rely on God and they are still on loan, do not feel condemned or discouraged! Learn to trust God. Do not take up any more loan, work towards being debt free by relying on God. God’s will is for you achieve financial freedom. But if you have the habit of borrowing and feel that borrowing is the only solution then you have to pause and pray. I don’t think it is God’s will for you to borrow anymore or else you will be in greater trouble. Learn to rely on God.
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