30 Days of wisdom - SAYING 4 - BE WARY VERY WARY OF DEBT AND SECURITY
SAYING 4 – Prov 22:26 – 27
“Do not be one who shakes hands in pledge or puts up security for debts; if you lack the means to pay, your very bed will be snatched from under you.” Prov 22:26 – 27
In this day and age we have become so accustomed to debt that we find it hard to consider debt (and even giving security at times) as a negative, however scripture is clear that we need be very wary and careful. Many friendships and families have fallen apart because of broken promise in giving security for another's debt. One giving security becomes bound in the same way as the one in debt often even losing their own security.
Prov 6:2 tells us in guaranteeing a debt
“...you have been trapped by what you said, ensnared by the words of your mouth.” (Prov 6:2)
In this context, it was common simply to 'shake on it' as it has been in the fairly recent past however now we tend to sign formal contracts, nonetheless the wisdom here is clear “if you lack the means to pay your very bed will be snatched from under you” (27)
If you can't afford something – DON”T BUY IT!!! If someone else can't really afford it DON'T guarantee it unless you are able and willing to pay for it in entirety yourself. (and I doubt that is often the case). I understand Parents do so at times to try and allow Children to buy into the housing market, you better be willing to lose everything (or sell really quick when defaulting)
The amount of people that go into or guarantee significant debt is concerning. Debt destroys destiny.
Prov 6:4 – 5 continues in regards to giving security and says “Allow no sleep to your eyes, no slumber to your eyelids. 5 Free yourself, like a gazelle from the hand of the hunter, like a bird from the snare of the fowler.” (Prov 6:4 – 5).
If you are in debt do EVERYTHING you can to get out of it ASAP! Debt is no friend, it creates a slave relationship, you become tied to the lender, be very wary, guaranteeing and be wary in going into Debt.
“The rich rule over the poor, and the borrower is slave to the lender.” Prov 22:7 NEED SOME HELP IN GETTING OUT OF DEBT - Check out these links
Dave Ramsey - How to get out of Debt!
Christians Against Poverty - Money Course