Money Management Principles From God's WordSample

Avoiding Debt

Proverbs 22:7 says, "The rich rule over the poor, and the borrower is slave to the lender."

This is a poignant reminder that debt can be a form of slavery.

Anyone who has had mounds of credit card bills and student loan balances looming over them understands this. When we borrow money, we are putting ourselves at the mercy of our creditors and becoming dependent on them.

And as most of us who have lived much life know that debt can be a slippery slope; it's easy to get into but hard to get out of.

One of the best ways to avoid debt is to live within our means. This involves not spending more than we earn, and being mindful of our expenses. It's also important to have an emergency fund in place, so that when unexpected expenses arise, we're not forced to rely on credit.

I know this is easier said than done. But that doesn’t make it any less true, and when we avoid taking on debt, we can eliminate the stress and pressure that comes with owing money to others.