Articles
Coping with Life 9 – Financial Security 4
Coping with Life 9 – Financial Security 4
By Mike Willis
One of Solomon’s proverbs says, “The rich rules over the poor, and the borrower is the slave of the lender” (Prov. 22:7). This verse teaches the follower of the LORD to BEWARE OF THE SLAVERY OF DEBT.
The first half of the verse describes the higher social position of the rich over the poor, regardless of whether a person lives in a capitalistic or socialistic society. What was true 3000 years ago is equally true today.
The second half of the proverb expresses another important truth relative to financial security: “The borrower is the slave of the lender.” Debt puts the borrower in service to the one who lends money. The monthly payments are a reminder of the slavery of indebtedness.
But the major thing I want to emphasize in this article is the danger that debt poses for young adults. Dan King expressed it like this:
“Younger people especially need to be taught the message of this proverb before it is too late for them, and they find themselves drowning in a sea of debt. Unfortunately, too few learn this hard lesson. Hence, it is one that is more frequently than not learnt by a harsh series of bad experiences with lending agencies. Credit is so easily available in our day that many young people find themselves ‘in over their heads’ before they realize it, and on that account their hopes and dreams come crashing down around them, leaving them in a most unenviable position going forward. For many years in the future, they may not be able to borrow anything at all because they have ruined their good name with creditors. The dangers inherent in borrowing are as important to understand today as they were in ancient times” (The Book of Proverbs, 668-669).
Not all borrowing is unwise. There are ways in which indebtedness can serve a family well, such as borrowing money to purchase a house (in contrast to renting); purchasing a car so that one can drive to and from work. But, going into debt to buy a house or car more than one can afford can destroy one financially, leading to foreclosure and repossession.
