(Proverbs 28:8 KJV) He that by usury and unjust gain increaseth his substance, he shall gather it for him that will pity the poor.
If you are looking for a Biblical statement to criticize our modern American way of doing things, this is a place to start. Of course, it also applies to the rest of the world and, if you are being honest, to the entire course of history. Lending, borrowing, debt and “interest” (5392) have always been traps that are waiting to be sprung. The Biblical standard is wealth based on labor and businesses that produce a product and sell it for profit.
The trap is in the seductive aspect of immediate gratification. You may have listened to Dave Ramsey on the radio. He is death on debt. He will concede a home mortgage if you have saved up the 20% down payment but beyond that he says a big “No!” He does not even want you to have a credit card for “emergencies.” Why? Because most people find that the term “emergency” covers anything they want now but don’t have the cash for. Usually that is the opening door to financial slavery.
So? Take this seriously. Don’t blow it off because you like to charge things. Credit, debt, interest, and borrowing are traps that God is warning us against.