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Implications and Responsibilities of Financing with Debt

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Implications and Responsibilities of Financing with Debt
Proverbs 2:7 says, “The rich rule over the poor, and the borrower is slave to the lender” (New International Version). Debt is one of the things to get addicted to, as a person lives a life of paying and borrowing again. The rich have power over the poor because they control them with loans. They create deals that not all the poor can resist, and it ends up being a problem when they cannot pay their debts. Proverbs 22:22 explains that “Do not exploit the poor because they are poor and do not crush the needy in court.” The lenders exploit people in debt because they know people need money.
Co-signing a loan means a person is signing a document to agree to pay a loan if the borrower defaults. The Bible does not support this and expresses it in Proverbs 22:26 “Do not be one who shakes hands in pledge or puts up security for debts” (New International Version). Committing oneself to pay off other people’s debts is foolish since not paying them can be a problem. Additionally, Proverbs 11:15 says, “Whoever puts up security for a stranger will surely suffer but whoever refuses to shake hands in pledge is safe” (New International Version). This is an indication the co-signing a loan is not a good idea.
The principal obligation of a borrower is returning the loan amount by the end of the agreed time. Failure to do this attracts penalties, and the borrowers suffer the consequences. The Bible in Proverbs 22:27 explains, if you lack the means to pay, your very bed will be snatched from under you” (New International Version). The lender will come to collect their money in any means possible.

Implications and Responsibilities of Financing with Debt was first posted on August 13, 2019 at 8:46 pm.
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