(Proverbs 22:7 KJV) The rich ruleth over the poor, and the borrower is servant to the lender.
How do we avoid becoming a “servant” (slave NASB) (5650)? Here the advice would seem to be, “Don’t borrow”. Most of us would believe that is easier said than done. Is credit borrowing? How do you buy a home if the price is going up faster than you can save? Are there any situations where it is acceptable to borrow?
We are a bit isolated from this because we are no longer sold into slavery for out debts. Christian financial advisors will often make exceptions for a home mortgage. The problem for most of us is not the mortgage, it is the credit card. When done responsibly a mortgage requires enough of a down payment so that there is always enough equity in the home to pay the remainder of the mortgage. On credit cards that is not the case. On student loans that is not the case. The bank takes a risk to charge higher interest on one and the government guarantees the other. Those types of loans either put you in bondage to repay or teach irresponsibility.
So? Debt makes us live in ways that might not be the best for us. It might keep us at a job that is wrong for us. The interest takes away from other priorities. Do some serious thinking about this. Don’t just blow it off because you don’t want to take the bus.