You are about to put yourself under the tyranny of debt when you run in debt for such dress,..when you have your bargain, you may, perhaps, think little of the payment. But creditors, says Poor Richard, have better memories than debtors and then as he says, the borrower is slave to the lender and the debtor to the creditor. Disdain the chain, preserve your freedom, and maintain your independency. ....At present you may think yourself in thriving circumstances and that you can bear a little extravagance without injury, but for age and want, save while you may, for as Poor Richard says, no morning sun lasts a whole day.
Isn't it amazing that while people try to rationalize reasons for credit, that not only the Bible, but also good 'Ole "atheist" Ben Franklin even said to avoid debt.
And that's my view, what do you think?
Good post! I found the quote in proverbs 22:7The rich rules over the poor, And the borrower becomes the lender's slave. The bible here tells us that if we want to be free and enslaved to anyone, then we should avoid debt. Dave Ramsey says that debt changes your relationship. For example, if you borrowed money from your father-in-law, money changes the way holiday dinners taste. That is a funny way of saying that the money you owe him is always in the back of his and your minds.
ReplyDeleteAnother bit of wisdom I gleaned from the bible in proverbs, that may be of interest to us poor folks is this: Prov 1:5 A wise man will hear and increase in learning, And a man of understanding will acquire wise counsel. An application for this proverb in my life would be to take computer classes and learn new programs, in order to promote myself for a new job opportunity. In addition I would be wise to seek counsel from friends if I have questions in my job search.
Here is a quote on credit and debt that I like and hope you'll enjoy, too
ReplyDeleteAll the perplexities, confusion and distress in America arise not from defects in their Constitution or Confederation, nor from want of honor or virtue, so much as downright ignorance of the nature of coin, credit, and circulation.
John Adams