Money Rule Number 6: Borrowing is Slavery
Proverbs 22: verse 7, “The rich rule over the poor, and the borrower is slave to the lender.”
None of us want to be a slave, yet when we borrow, we bind ourselves to someone else’s terms. The lender gains control over parts of our lives through the debts we owe. This verse doesn’t imply borrowing is a sin. Psalm 37:21 warns, “The wicked borrow and do not repay.” Sometimes borrowing is necessary, but integrity means repaying what we owe. Borrowing isn’t wicked; failing to repay is.
Americans have a love-hate relationship with debt. We must love it because we borrow so much. When the Bank of America introduced its first credit cards in 1958, Americans embraced them. By mid-2024, the average household had $8,689 in credit card debt alone, not to mention other debts.
Yet we also hate debt. We complain about it, strive to be rid of it, but continue buying on credit. This cycle burdens us, stealing our joy and peace.
Romans 13: verse 8 offers wise advice: “Owe no one anything, except to love each other.” Let love be our only debt, one that enriches everyone.
I’m Lonnie Davis, and these are thoughts worth thinking.