Do your liabilities outweigh your assets?
When we are wise and generous in heart, we ward-off debt. Borrowing is not prohibited in Scriptures. We are merely reminded that we will have to repay the debt. However, surety – borrowing more than our means to repay – is to be avoided as if it were the plague. The Thirty Sayings of the Wise include instruction regarding the risk of surety, “Do not be a man who strikes 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” (Proverbs 22:26-27).
Today, consumer debt is at an all time high, credit card debt reaches five digits for most households, and surety is primarily responsible for the economic turmoil throughout the world.
Is it time for you to develop a plan to pay what you owe? Seek wise counsel from a financial advisor and consider the 10-10-80 plan. Give God 10 percent of your gross income through a tithe to your local church. Save 10 percent of your gross earnings. Live off the remaining 80 percent. Your first step toward savings might be to pay your highest interest rate debt first. If you are paying 18 percent interest on a credit card, and you pay it off, you just earned 18 percent on your investment.
Ward-off debt and discover the freedom God has in store for you as you make Him your passion.