You've cosigned on a debt for someone by using your credit card(s) or by signing a note that says you will pay the loan amount if he / she is unable to. It didn’t seem to matter to you that he/she wanted the material thing for a desire and not a need. Also, you never considered that the LORD warns us not to cosign (become surety) for other people’s debts. Further, it didn’t appear to matter that he/she did not save a reasonable amount of money along the way for emergencies and situations he/she knows will occur from time to time.
Continuing to have these types of response to a person's request for you to cover their debt will continue to place you in tight financial situations and will cause you to be irresponsible in taking care of your family and God's business. Your money will soon be gone, no matter how much you have or make. You must watch and pray and observe those that labor among you. Remember, all have sinned and fallen short of the glory of God. In so doing, we have created bad habits in many areas of our lives, finances included. We need to be directed to walk the right pathway for handling our lives and finances so mistakes are not repeated and we do not live in continual financial bondage and beneath the privilege the LORD prepared for us.
The best way to help most people and yourself financially is to give them available cash if a true need arises. Definitely, discontinue cosigning and do not loan money to irresponsible people. Now, pray for and encourage them to use biblical principles to manage money and desires, so their true needs can be met. This includes practices like tithing, free-will offering, planning/budgeting income and expenses, building/maintaining a reasonable emergency fund, paying off all loans in order to live debt-free, refusing to cosign, saving, investing, and diversifying investments. In this way, you will not help push them and yourself into greater financial bondage and the pain it produces. Instead you will be leading them down the path of abundant life the LORD prepared for each one of us.
Please pray for this ministry, email me with any questions, and contact me to speak at your business or ministry conference or workshop. May the LORD bless you richly as you follow His plan!
Proverbs 11:15, 17:18, 20:16, Romans 13:8, Ephesians 5:15
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