From the Class Room: Servant to the Lender

"...the borrower is slave to the lender." Proverbs 22:7(b)

My freshman year in college I received my first credit card. I thought I was so important! Thinking to myself, "Look at me, I got approved for a credit card!" With my new "status" I went shopping! Walked into the Bennetton's store and came across a sweet derby jacket! $80 was the asking price! Now back in '87, that was a hefty price for a jacket, but I had to have it. Pulled out my new found "status" and in one swipe that jacket was mine! For two days that jacket stayed on the hanger as guilt wrecked havoc in me! On the third day I went back to the store to return my purchase. No problem I thought! Return the jacket, get my money back, guilt is gone. It was all good until the the Bennetton representative said the following words, "Here is your store credit." "Store credit? I don't want store credit." The representative showed me their store policy. Feeling sick to my stomach and an informed consumer because of my new "status", I walked out of that store with a new jacket and a life lesson that I have never forgotten!

Today's entry is a challenge for us all! I do not claim myself to be a financial adviser. This lesson is taken from my class room with a group of seniors. With the economy having it's ups and downs, it is very important to understand our God given gift that God has given to us through our wealth. Unfortunately debt has become a chain and ball for many. In the last run on wealth, many used their wealth foolishly. A bigger house. More toy's. You can fill in the blank. Yet Solomon's words are so true. When understanding the context of Solomon's words, it helps us understand this bondage. In the Mosaic Law if a person could not pay off his/her debt, they became a servant/slave to the lender. Now in our western mind we have an idea of slavery and all that it included. Yet in the culture of the Mosaic Law, "The Israelites were to treat their enslaved fellow Hebrews as if they were servants. (Lev 25 v39-40). They were also to give them the option of their freedom in the 7th year of their service (Ex 21 v2), and give them the means to make a new start (Deut 15 v12-18), although they could remain a slave if they chose. (http://www.onemoneydesign.com/bible-debt-slavery/)". For a couple of months I was a slave to that jacket I had to have. The total cost once I paid it off was well over $100!

Whether a business owner or household, God does not want us to be in debt! I see it as a bondage! Let me explain. Debt consumes opportunities to be used by God! When I was a youth pastor I sat in a meeting that I will never forget! At the time the church was borrowing money to stay afloat. It was a good chunk of money. The church had borrowed so much that a special meeting was called by the banker! Long story short, we were told that we could not borrow anymore and we better get to know our market. Ouch! It was a hard lesson, yet we as a church could not do what we really wanted to because our debt held us captive. It is the same in our lives when we live beyond our means. According to the Wall Street Journal, 70% of Americans are living paycheck to paycheck (Financial Peace School Curriculum, Dave Ramsey, pg 49). Many are living on borrowed cash. In 1970 only 15% of Americans owned a credit card, today nearly 51% percent of Americans with established credit owns two credit cards. In 2008 6 billion applications for credit cards was sent out to consumers!

One person pretends to be rich, yet has nothing; another pretends to be poor, yet has great wealth. Proverbs 13:7

I heard Dave Ramsey say it this way.

Our great grandparents thought debt was a sin.
Our grandparents thought it was stupid.
Our parents borrowed on a few things.
We borrow on everything!

Here is a lesson taken from our finance curriculum in my class on how to get out of debt.

1. Quit borrowing more money!

Credit cards are now the most common source of financing for America’s small-business owners. (Source: National Small Business Association survey, 2008)

44 percent of small-business owners identified credit cards as a source of financing that their company had used in the previous 12 months —- more than any other source of financing, including business earnings. In 1993, only 16 percent of small-businesses owners identified credit cards as a source of funding they had used in the preceding 12 months. (Source: National Small Business Association survey, 2008)

Read more: http://www.creditcards.com/credit-card-news/credit-card-industry-facts-personal-debt-statistics-1276.php#ixzz1HA0jz0f0
Compare credit cards here - CreditCards.com

2. You must save money.

Only 41% of Americans save regularly (Federal Reserve System)

3. Sell something!


What a great idea! Maybe you have a great idea or great product to sell. Go for it!


4. Part-time job or overtime (temporarily)

5. Use the Debt Snowball effect.


God wants to use you and your business to be a blessing to those around you. Yet when a servant to the lender, it becomes hard to do that. Through some hard lessons, I have learned the consequences of the bondage of debt. No more! If we don't have the money to cover the cost, no need to purchase. It is time to grow wealth, instead of giving it away! Debt is a battle that can be won! It may take time to conquer, but it is do able! Entrepreneur arise! Household arise! It's time to fight debt and rise victoriously to be used by God in ways we could never imagine!

His call to you...get out of debt. Use His gift to you...to get out of debt. Your purpose...is to be out of debt. Irrevocable!