For wisdom is a defense, and money is a defense: but the excellency of knowledge is that wisdom giveth life to them that have it – Ecclesiastes 7:12
It is the excellency of the word of God that it teaches us not only divine wisdom for another world but human prudence for this world, that we may order our affairs with discretion; and this one good rule. To avoid over-spending and borrowing, because by its poverty, want and need is brought into our families.
If we have been drawn into the snare of over-spending, borrowing means of credit cards, it will be our wisdom by all means, with all speed to get out of debt. Credit is sleep for the present, we hear nothing of it, the debt is not demanded; the principal says, “Never fear, we will take care of it”, but still the bond is in force, interest is running on, the creditor may come to you hasty and severe. It isn’t wise to create something in your life you can’t get rid of. There is nothing wrong with having credit, the problem comes when we try to live life through credit cards bonding ourselves to creditors.
The Bible says the borrower is a servant to the lender (The rich ruleth over the poor, and the borrower is servant to the lender – Proverbs 22:7). This doesn’t mean we shouldn’t borrow, but it warns us never to take a loan without carefully examining our ability to repay it. A loan we can handle is enabling; a loan we can’t handle is enslaving. The borrower must realize that until the loan is repaid, he or she is a servant to the individual or institution that made it.
Many times, we get ourselves in trouble trying to help a friend or a relative by co-signing for them. This is a mistake, never co-sign for anyone unless you know you’re financially able to repay the loan if the friend or family member doesn’t pay the loan. Co-signing for others can destroy relationships, it can bring on unnecessary burdens and worries. If you want to keep your friendship and your family in unity, don’t co-sign.
When we have gotten ourselves it debt whether it’s through over-spending, creditor cards or co-signing for others. Focus on paying the debt, write the creditor make a commitment to pay a certain amount a month until the debt is paid in full. You can get the debt paid if you focus on being out of debt. Don’t bring unnecessary burdens, and worries on yourself, life brings enough challenges without us bringing them. Being in debt is another way Satan uses to keep you worried and fretful. Everyone has made mistakes they wish they could correct if it was possible. If you’re in debt there is a way you can correct your mistake. Don’t allow debt to steal, kill and destroy your relationship with God and life. Ask the Father for wisdom to get out of debt (If any of you lack wisdom, let him ask of God, that giveth to all men liberally, and upbraideth not and it shall be given him-James 1:5).