If you’re like most people, much of your past borrowing was meant to satisfy desires and not necessities. It is not automatically bad to satisfy desire as long as you have taken care of providing you and your family needs. However, the problem is in borrowing to get products and services that do not have appreciating value in the future that will be far above the cost of the item purchased and the associate finance costs.
Simply put, God’s best for you, as shown in the bible, is for you to be able to get everything you need and desire, that is not bad for you, without you going into debt to get it. Having debt on things with depreciating value is bondage and it eventually leads to greater levels of mental and spiritual torment when you continue this practice through the course of your life.
God will provide your every need and desires that are good for you without you borrowing to supply them. When you refuse to take on consumer debt, you enable the LORD to supernaturally provide for your needs by moving people and organizations to give you things you need with little or no cost, especially when you're unable to purchase them at higher cost. He shows you how to manage your money to pay cash for non-appreciating items like cars, furniture, and appliances without burdening your family with debt. There is an immediate sacrifice of unneeded material purchases, but the future payoff in added joy, peace, and comfort is so tremendous that it's well worth the sacrifice.
The process starts for you by saying no to any loan offer to purchase something when you don’t have the cash right now to pay for the item. You might have a low interest card but make sure any charges you make to the card account is more than covered by your non-emergency fund savings account and that you’re able to pay the entire charge at the next card account payment due date. If you fail to follow this process and allow the creditor to charge revolving interest each month on the unpaid balance you will generally be looking at paying on average about 15% more in finance charges annually than you would be earning on money held in your savings account. Some people have finance charges on cards that are so high they pay 25 to 30% more and others that use payday lending and other forms of predatory lending pay far more. This is not the direction you want borrowing to take you, otherwise you’ll soon be broke, busted, and disgusted with your financial situation.
Please pray for this ministry and email any questions. May God bless you richly as you follow His plan!!!
Deuteronomy 28:12, Psalms 37:21, Proverbs 22:7, 27:23-24, Romans 13:8
Please forward these bondage breaking articles to other people who can use helpful insight!!!
You can find books authored by Randy Parlor and Karen Parlor at www.Amazon.com
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