Better Not to Borrow
My Story
Several years ago, someone I know expressed their utter frustration and dislike for having to answer a series of questions about their financial situation, from someone they asked to borrow money from. They told me they shouldn’t have to go through all of that, and they had a right to their privacy. I simply reminded the borrower that they were the one asking for help. So, they had to play by the other person’s rules, even if it meant answering very personal questions. We don’t expect any less when we go to a bank. They expect us to give account and we do it.
Years later, as I recall that conversation, I wonder if that Lender was seeking to be a good steward of God’s resources. Maybe they were trying to assess the need; and even offer advice to help that Borrower not end up in that situation again.
What the Bible Says
The word of God says, “The rich rules overs the poor, and the borrower is servant to the lender (Proverbs 22:7). Those are pretty strong words. Most of us don’t look at ourselves as rich or poor- whether we are the borrower or the lender. In fact, many of us have probably been on both sides. At some points of our life, we were the borrower and at other points, we were the lender.
Proverbs 22:7 is a warning to potential borrowers of the situation you are putting yourself in when you borrow. You have to play by someone else’s rules. They hold all the leverage. Mortgage companies will loan you money to buy a home and then foreclose if you default. Finance companies will loan you money for a car and repossess it for nonpayment. Credit card companies will loan you money to buy whatever your heart desires, knowing they’ll get most of their money back through high interest rates and even more back when they sell your account to a collection agency. All three will report you to the credit bureaus so future creditors will know you don’t keep your word.
Then there are family members who don’t know to or don’t want to tell you, “No.” They think they are helping, but are they? I had to start asking myself that; “Am I helping or enabling?”
What To Do
If you are truly living in poverty these upcoming statements aren’t necessarily talking to you
But most of you reading this post aren’t in poverty. You probably have a home (rented or mortgaged), drive a car, have food in the refrigerator, and have decent clothes to wear. Many of these things are probably on borrowed money even though the bible says, owe no man anything but to love one another (Romans 13:8). So, how do we do a better job applying scripture, if up until this point we haven’t?
Humble yourself and live within your means. Even though you think you should or deserve to have your own (fill in the blank), maybe you can’t right now. For example, maybe you want your own home, but can’t afford it right now; because it would consume too much of your income and you could not make ends meet. Don’t let a mortgage company downplay the cost of owning a home. There’s a lot more involved than just paying the mortgage. There are taxes, insurance, utilities, upkeep, maintenance costs, etc. You may have to rent for a while.
If you are already in your home, you may have to rent out a space or a room to help make ends meet.
You may have to sell your home and move into an apartment or move in with someone for a time.
Create a budget and then make decisions based on that budget. Make sure you leave a little wiggle room (not too much and not too little). It may take a few months to find the right balance.
Create an emergency fund so that when emergencies come up, you can borrow from yourself interest free.
Stay connected to people making positive strides in their finances (whether individuals you know or blogs and podcasts on the subject).
Conclusion
Don’t make excuses for why you need/deserve to have this or that. That will only lead towards getting what you want now and figuring it out later. Live within your means, live by a budget. Otherwise, you’ll always find yourself back in bondage, playing by someone else’s rules, no matter how humiliating it is.
Acknowledge the truth of the Word of God by applying it in your everyday life. That’s something you can feel good about. You will have less stuff, but that’s okay. There’s nothing wrong with living a simple and modest life. Many financial experts touch on simplicity, to some degree and I am more and more drawn towards it myself. You may want to get on board with me- even if only until you get things where they need to be. God will honor your efforts to honor Him.
