Scripture to memorize:
Just as the rich rule the poor, so the borrower is servant to the lender.
Proverbs 22:7 (TLB)
Read the God's Part/Our Part Notes on pages 22 to 28.
1. How have you observed the Lord using money to mold your character?
God has certainly used money to point out areas of (lack of self-discipline) inefficiency, laziness, and selfishness.
2. What strengths have been developed in your character
Contentment, efficiency, frugality
3. What weaknesses in your character still need to be addressed?
Laziness, lack of discipline, still too much short-term thinking.
Read Deuteronomy 15:4-6, Deuteronomy 28:1-2,12, and Deuteronomy 28:15,43-45.
1. According to these passages how was debt viewed in the Old Testament?
As a sign of being out of God's blessing and a position of being under the rule of another.
As a sign of not being in obedience to God.
As a sign of being cursed by God, of being the "tail" to the "head" of the alien, and as a sign of being disobedient to God.
With respect to the "head and tail" analogy with respect to Israelites and the aliens who would live among them, I am struck by the analogy between Israel then, and the United States today. I am certain that the Christian founding and heritage of this nation led to God's blessing; nothing else rightfully explains the cultural and economic advances the country made during its first few hundred years (going back to the Colonial period). The United States rose to such economic prominence that the country became the lender to the world. And today, coincidental with the moral decline of the past 50 years, the United States is significantly more indebted to other nations. Coincidence does not prove causation, but verses such as these certainly make one wonder.
2. What was the cause of someone getting in debt (becoming a borrower) or getting out of debt (becoming a lender)?
Obedience to God and observance of His commands and decrees.
Read Romans 13:8, Proverbs 22:7, and I Corinthians 7:23.
1. Is debt encouraged in Scripture? Why?
No debt, except debt of love. from v.1-7: (Getting/staying out of debt) as a sign of submission to authority, and giving what is due to him to whom something is due.
No. The borrower is servant to the lender.
I Corinthians 7:23
No. We are not to become "slaves" to men due to an owed debt. Since we were bought for a price, we don't have the right to mortgage ourselves.
2. How does this apply to you personally and to your business?
Get out of debt! Give what is due to him to whom it is due.
3. If you are in debt, do you have a strategy to get out of debt? If you have a plan, please describe it.
- One step at a time.
- No new debt (house excluded).
- Prioritize according to amount due and interest rate.
Read Psalm 37:21 and Proverbs 3:27-28.
1. What do these verses say about debt repayment?
Not to repay is the way of the wicked. The righteous do not need to go into debt, but have enough to give generously (and do so).
The repayment of a debt is the first priority in the use of what we have.
2. How will you implement this?
Know what I how, and get it paid off.
Read 2 Kings 4:1-7.
1. What principles of getting out of debt can you identify from this passage?
- Take the request to God
- Have faith that He will provide
- God will use His people to meet each others' needs
2. Can you apply any of these principles to your present situation? How?
- Present my financial situation to God.
- Thank Him for His provision.
- Look for opportunities to help meet others' needs.
Read Proverbs 22:26-27 and Proverbs 17:18.
1. What does the Bible say about cosigning (striking hands, surety)?
Don't risk what you can't afford to lose. Don't put up security for (another's) debt.
To put up security for (another's) debt is a sign of a lack of judgement.
Read Proverbs 6:1-5.
2. If someone has cosigned, what should he or she attempt to do?
In humility, press and plea with your neighbor to release you from the security.
I will take the following action as a result of this week's study:
I will form a specific plan to eliminate all debt.