This program will help you
undo financial bondage.
When you’re
approached by family and friends about co-signing, tell them “NO” and continue
to pray for strength to be wise according to God’s Word and pray their eyes
will be opened to see and act upon biblical financial principles in the future
so they can receive the great benefits produced by following them.
If you've already
cosigned on a loan for someone by using your credit card or by signing a note
that says you'll pay the loan amount if and when he fails to do so, then you
need to run to the lending institution and work on a way to get out of that
arrangement as quickly as possible. If you cannot get off the loan, pray really
hard that the person makes all the required payments on time and pays the debt
off early. If he doesn't, you're on the hook! So, realize you will have to take
over the monthly loan payments after he stops paying them.
If you don't
currently have enough savings stashed away to cover the loan amount, revise
your budget to eliminate unnecessary spending and increase cash flow so you can
save as much as possible in case this unfortunate but highly likely scenario
occurs. In the future, refuse to co-sign for anyone. Learn to say “NO” to such
requests and really mean it! If there is a legitimate need that cannot be
fulfilled in some other way, then give the family member or friend what you
have in available cash from savings (a) that is not targeted at paying
for a current or future obligation you must meet and (b) that you
willingly want to give.
Many times, people
that ask you to co-sign could take initiative to resolve their situation
without asking you to take on their debt. However, they don’t see the picture
clearly or they simply want to use a way that appears easier for them. For
example, the person could get up earlier to catch the bus to work instead of
asking you to co-sign for a car note. Or, the person could purchase a less expensive
engagement ring for their fiancé instead of asking you to co-sign for a more
expensive ring. Or, the person could rent, pay off debts, and begin to save for
a 20% down payment on a home instead of asking you to co-sign on a home loan.
This lesson is not
meant to discourage you from giving to meet true needs. Christians should be
generous in abundantly funding gospel ministry (including helping the poor
with a portion of resources available). However, scripture instructs you to
stay away from promising to cover debts taken by other people when you don’t
currently have far more than enough money to cover the entire debt. History
shows most people, at some point not too long after you cosign, will ultimately
refuse or be unable to complete their promise and commitment to paying the
debt. Co-signing will set you up for a financial fall that you could have and
should have avoided.
Stop cosigning for
family and friends to get things they cannot afford to pay cash for. The best
way to help people and ensure your long-term financial health is to give them
available cash when a true and verified need arises in their lives. Then
encourage them to use biblical principles to manage their money and desires and
offer to walk them through the long-term process, so their future needs can be
met in a reasonable manner.
Proverbs 11:15, 17:18, 20:16, Romans 13:8,
Ephesians 5:15-17
Please pray for this ministry and email questions to parlor@ameritech.net and share the links below with others who need
guidance. May the LORD bless you richly as you follow His plan!
Share http://kminfo.org/ministries/financial-freedom weekly with family and friends so these
bondage-breaking articles and other financial information can help them gain
helpful insight!
The
book at the link below provides principles and practical steps that help you
use the Power To Get Wealth. By 1992, we had $135,000 of debt and
a negative $35,000 net worth. Financial bondage and turmoil led me to seek
principles and a process for employing good stewardship. As a result, we became
constructively debt-free in 1998, mortgage free January 2004, millionaires in
2012, multi-millionaires shortly thereafter, and retired in 2018 in my
mid-fifties from public servant jobs while giving abundantly to fund the gospel
of our LORD Jesus Christ. The same power is available to you!
https://www.amazon.com/Power-Get-Wealth-Randy-Parlor-ebook/dp/B08QCH5MVH/ref=sr_1_2?keywords=Randy+Parlor&qid=1638336718&s=books&sr=1-2
You can find books authored by Randy and
Karen Parlor at www.Amazon.com.
You can also connect with
Randy Parlor on Facebook, Twitter, Linkedin, Instagram, Google Blogger,
WordPress, Jesus Social Network, Social Cross, Pinterest, Tumbler, and You
Tube.
