It is hard to manage our own debt obligations, much less the debt commitment of another. Therefore, wisdom says to free yourself from financial surety, so you are free to serve. It is not smart to co-sign credit on behalf of another, if you do, make plans to pay what’s due. Or in bold humility go to the one for whom you partnered or co-signed, and ask them if you can get out from under the financial obligation. Even if you pay a penalty for backing out, what price can you pay for your newfound peace of mind? Financial over extension is unwise, so perhaps you consolidate your credit, and make a bold plan to pay down your personal debt. Debt reduction is smart, especially during recessionary times.
The “borrower is servant to the lender” (Proverbs 22:7), so in humility and boldness you can break the chain of financial servitude. The Bible says, “You were bought with a price; do not become slaves of men” (I Corinthians 7:23). It is counter cultural to limit credit, or abolish it all together. Why make credit convenient to a spender who struggles to stay within a budget? Therefore, apply discipline and sacrifice, and you can experience the peaceful result of debt free living. Perhaps in bold humility you ask your parents to match every dollar you pay toward debt reduction. One last word related to co-signing. There may be a young person who needs someone to vouch for his or her character and credit. Like the apostle Paul guaranteed the servant Onesimus’ repayment, you may be led to do the same for someone. Perhaps you ultimately see your assistance as a gift, so if you are paid back it is an unexpected bonus. Regardless manage expectations with prayerful prudence and bold humility. Relationships are much more valuable than cash. Paul said, “If then you consider me a partner and a comrade in fellowship, welcome and receive him as you would [welcome and receive] me. And if he has done you any wrong in any way or owes anything [to you], charge that to my account. I, Paul, write it with my own hand, I promise to repay it [in full]…” (Philemon 1:17-19a, Amplified Bible).
Related Readings: Proverbs 22:7; I Corinthians 7:23; Philemon 1:1-25
Transformational Living
Who do I need to boldly, but humbly approach about dissolving a financial arrangement?
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My thoughts!
Difficult times call for difficult decisions to be made for the sake of bettering one's life.
We personally made a difficult choice about money and were able to payoff the last two debts we have except for our house. The day we put the checks in the mailbox the weight that was so heavily sitting on our backs was lifted. This is the feeling God wants us to experience! IT FEELS SO GOOD!
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