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Principles For Borrowing Money

Do you feel that you have to borrow money?

Borrowing is not prohibited scripturally, but neither is it encouraged. It’s always presented as a negative with many warnings about its danger and misuse. Here are 4 Biblical principles to follow. First, avoid borrowing unless absolutely necessary. It should not become a way of life. Only if there’s no other way to fulfill a need, should you actually borrow money. Pray about it, seek other options, and see if God will make a way for you. It’s best to pay cash for all consumer purchases, even cars, and routine expenses. The importance of exercising discipline and discernment for your wants and needs cannot be overemphasized. When we pray and wait on the Lord, we gain the blessing of seeing how He provides.

Second, avoid signing surety as a loan. This makes you personally liable for a debt. This kind of loan has no collateral and is backed only by your personal promise. Third, avoid long-term debt. In Deuteronomy 15:1 the Lord instructed the Israelites to lend and borrow for only 7 years. Finally, repay whatever you owe. Psalm 37:21 says, “The wicked borrow and do not repay, but the righteous give generously.”  If you borrow it, pay it back. In Romans 13, the Apostle Paul said, Give to everyone what you owe them: If you owe taxes, pay taxes; if revenue, then revenue; if respect, then respect; if honor, then honor. Let no debt remain outstanding, except the continuing debt to love one another, for whoever loves others has fulfilled the law.” (Romans 13:7-8 0

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