OWE NOTHING: AVOIDING THE EVILS OF DEBT

(Message by Tanny Keng)

1. Owe Nothing

a) The rule is stated in Romans 13:8, "Do not owe anything to anyone". In our modern society, it is no longer love that makes the world go round, but debt. Even in an attempt to express love, people go into debt. How many gifts are purchased on borrowed money for example? A great many people are daily spending money they don't have, and making themselves into debtors.

b) There are certain debts or borrowings that are not really debts in principle, but more like a joint ownership of property. If the property were sold in the market place, both you and the lender would receive money from the sale. You would get your equity, the portion you own, whilst the money lender would receive his entitlement, the portion you owe. This type of "debt" or liability is not really considered in this lesson.

2. Avoiding The Evils Of Debt

a) The kind of bad debt we are considering is the insidious kind which has several of the following marks:

i) You've run a significant risk in taking on the debt.

ii) You have no sale-able asset covering the amount owed.

iii) If the debt were called in you would be broke or bankrupt.

iv) What you spent the money on is gone, but the debt remains.

v) The interest is more than the repayment.

vi) You owe more on the debt now than when you entered into it.

vii) The debt costs you more than you gain from it.

viii) Repayments rob you of money you need for other things.

ix) You keep on running the debt back up to its limit.

x) You find yourself having to borrow money to pay off the debt.

xi) The debt is illegal — you have no reasonable expectation of servicing it. 


The End ...

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