Today on MyMoneyLife with Chuck Bentley

Principles of Borrowing

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Chuck Bentley Do you owe a lot on credit cards? Car loans? A mortgage?

Personal debt is sky high in America, and it’s time to step back and take a look at the biblical principles of borrowing.

Now, God’s Word doesn’t outlaw debt or even call it a sin, but it does give us guidance on how and why we should avoid debt. Here are 4 examples:

Debt is not normal. Our economy is now virtually dependent on a constant expansion of credit, but God's people should manage their finances differently. Proverbs 22:7 says, “The rich rules over the poor, and the borrower becomes the lender's slave.”

Avoid long term debt. Deuteronomy 15 describes how debts were not to exceed 7 years, and yet today, the typical mortgage is for 30 years. So, make every effort to pay off your mortgage early.

Avoid surety. Proverbs 6 warns against accepting an obligation to pay for someone’s loan if you lack a guaranteed way to make the payments. The only way to avoid surety is by backing it up with collateral, or property, that would cover the debt if sold.

Pay what you owe. Ecclesiastes 5:5 tells us, “It is better that you should not vow than that you should vow and not fulfill it.” Paying back a debt is painful, but bankruptcy should not become the easy out.

Avoiding debt is a key part of managing your money wisely. Find out more at Crown.org.

The primary cause of financial problems for most families is the misuse and abuse of credit cards.

By the Fair Credit and Charge Card Disclosure Act of 1988 credit card issuers are required to provide applicants with detailed information.

There is nothing wrong with using credit cards if people are able to discipline their use by following some very simple guidelines.

There is a light at the end of the debt tunnel. By applying some simple principles, you can begin to pay off credit cards and become debt free.