Thursday, May 31

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Proverbs 22:7

The rich rule over the poor, and the borrower is servant to the lender.

It happens a couple of times every year. We’ll be on our way out to make it to a local high school football or basketball game and my wife will ask me, “Do you have any money?” because she knows we will have to buy tickets to get into the game. I’ll check my pockets quickly and respond with something like, “I only have $2.38, let’s just borrow some from the boys.” Then we’ll rummage through the desk where our boys keep their allowance, take a $20 bill, and leave an “I.O.U. note” in its place. And the “I.O.U. note” stays there until we pay that money back!

You may or may not borrow money from your adolescent children, but most of us borrow money in one way or another. Almost all of us take out mortgages on our homes; many of us borrow money to purchase cars; some of us take out student loans to educate our children; and many of us have had the experience of having more on our credit card bills than we can pay off each month!

You might say that debt has become a way of life in American culture. I’ve seen studies that show that the average American family carries something like $7,000 in credit card debt. Other studies show that many families spend over 100% of their income each year – meaning, of course, that they slip further and further into debt with each passing year.

While the Bible does not expressly forbid all debt – it does warn us of the dangers of debt.

The rich rule over the poor, and the borrower is servant to the lender.

Even though we might not say it in those words, we all know the power of debt to hold us in servitude. Once incurred, no matter how small, debt grows over time because it almost always involves interest. If we aren’t careful with our cultural habit of “buying on credit” we can end up barely paying the monthly interest on our debt without ever touching the principal. Interestingly, even people who don’t know this verse from Proverbs call this process “debt service.”

Dave Ramsey, founder of a ministry called “Financial Peace University”, identifies debt as the single greatest obstacle to financial peace in most of our lives. He teaches that the first step toward financial peace is to begin to ruthlessly eliminate debt – starting with the smallest and moving steadfastly to the largest – an approach he calls the “debt snowball.” That is, by eliminating small debts first we can gain confidence and momentum – the “snowball effect” - as well as begin to sense the freedom that comes when debt is reduced.

At first glance your pile of debt might seem overwhelming! You might feel a sense of hopelessness – not knowing where to start. You might even feel ashamed to have gotten into such a predicament to begin with. But don’t be dismayed! I can point to a number of people from FBCG who have gone through the “Financial Peace University” program (over 100 to date) and have begun whittling away at their debt – and several who have eliminated tens of thousands of dollars in debt on their way to financial freedom and peace.

The key is to trust that what God is telling you in his word is true – and to start somewhere! So take a good look at your financial life; how many IOUs are you trying to manage? Are you ready to make a commitment to doing whatever is necessary to begin to eliminate your debt?

Consider these words from the Apostle Paul:

Command those who are rich in this present world not to be arrogant nor to put their hope in wealth, which is so uncertain, but to put their hope in God, who richly provides us with everything for our enjoyment. Command them to do good, to be rich in good deeds, and to be generous and willing to share. In this way they will lay up treasure for themselves as a firm foundation for the coming age, so that they may take hold of the life that is truly life.  1 Timothy 6:17-19

Pastor Brian Coffey