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Tuesday, June 23, 2009

Should Christians Borrow Money?

The scriptures are replete with warnings about borrowing money. "The borrower becomes the slave of the lender," especially comes to mind. However, all borrowing is not counted as evil.

Most people must borrow in order to buy a house. A house was considered an investment until recently. You could always count on making more money than you would pay in interest on your house. That may not be the case today. Today, it might be wiser to rent.

Many people borrow to buy a car. That may or not be a wise decision. You need a car for transportation to work. You don't need the most expensive sports car to get there. You may be able to buy a used car that will give you adequate transportation.

Some people think they must have a reliable car for everyday use. This is true for getting back and forth to work but they also get one that they can take their family on vacation. Never buy for the special occasions. It is better to rent a vehicle for the long trip than to have your own personal car. If you car breaks down you are fully responsible. It can ruin your whole vacation. If your rental breaks down, you simply make a phone call and they send you another vehicle. Think about it before you borrow the money for something that you don't need but a few times a year.

Credit cards are not always a bad thing. I only use credit cards that pay me. I get airline mileage or money back or I don't use them. I pay them off in full each month so that I do not pay any interest. I continue to search for the best payoff and change credit cards so that I always get the best deal. I use the credit cards for all my bills so that I accumulate the most mileage or money back. The money I get back from my Discover card allows me to purchase gift cards from area restaurants at a 20% savings. In other words, I buy a $25 gift card for $20. This allows my wife and I to eat out often.

Use credit cards when you already have the money to pay for the item. Use credit cards in the case of an emergency. Pay them off each month and never let the indebtedness creep up on you. Credit cards have a way of biting you bad!

Yes, Christians can borrow. They should do so realizing that they now work for the creditor. My goal is to make my creditor to work for me. I want every dollar borrowed to return more than the principle and interest.

The Bible gives warnings that we must heed. Each Christian and our nation should pay heed to these warnings.

Deuteronomy 15:6 (NIV)
For the LORD your God will bless you as he has promised, and you will lend to many nations but will borrow from none. You will rule over many nations but none will rule over you.

Psalm 37:21 (NIV)
21 The wicked borrow and do not repay, but the righteous give generously;

Proverbs 22:7 (NIV)
7 The rich rule over the poor, and the borrower is servant to the lender.

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