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Franchisee J. Barry Watts concludes his examination of the Bible’s perspective on borrowing money
By J. Barry Watts
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| J. Barry Watts |
Editor’s Note: Please see previous issues of The Vestor’s Voice® for Parts 1 and 2 in this series of articles. We welcome your comments, which you can post on the Message Board at HomeVestors.com.
Psalm 37:21 says “The wicked borrows and does not pay back.”
In American culture a concept has emerged which was inconceivable during Bible times. In those days no government entity declared you bankrupt. You either paid back what you owed, or you didn’t, and if you didn’t the surety (property to secure the loan) would be taken from you or you might be imprisoned as a “wicked person who borrowed and didn’t repay.”
It is inherently wrong to think that we’ll borrow money and not fulfill our promise to repay the obligation. That is a form of stealing by deceit. The deceit is promising, having someone depend on your promise, and then fail to fulfill the promise.
We should be careful, considerate and sober-minded in taking on obligations (including loans) to be sure that we can repay them, and that if we can’t that there is security which will make the lender whole.
My Personal Conclusion on Borrowing & the Bible
Hopefully my personal position on borrowing is not inconsistent with the Bible. If it is, then I still need to learn and correct my course until my behavior is congruent with scripture. As with many topics there is room for some different perspective – even among Biblicists – on the topic of borrowing. Therefore, we must create room for every person to study for themselves and reach their own conclusion. Here are a few of mine.
1. Borrowing is less than perfect. If things were perfect we’d all be drowning in capital and wouldn’t ever give a thought to borrowing. But things aren’t perfect. Borrowing doesn’t represent faith, or lack of faith. It represents a need for capital – which I don’t have – in order to take advantage of today’s opportunity; nothing more or less.
2. It is foolish to borrow for things that depreciate in value or for things that are consumed.
3. I aspire to be a lender, not a borrower. I want to be the ruler, not the slave. But if I imprudently accept risks and attempt to get rich quickly through scheming I am likely to come to ruin.
4. Borrowing is a tool I use in order to run my business. I am circumspect in what I borrow, and have always paid back what I borrowed. I don’t use it to accelerate business growth at dangerous speed, but rather because it is better use of capital. You see, I am a lender, too. As a lender I profit on my capital. As a borrower, I profit on the capital I borrow. For me borrowing is a tool for capital utilization and profit maximization.
5. This topic, like all of life, requires wisdom. Most of us feel as if we are short-changed in the wisdom department. Green people in particular always want one more piece of information, and as a red guy who has no green, I usually still feel like I fall short in the wisdom department. Fortunately, James 1:5 says “If any man lacks wisdom, let him ask of God, who gives to all men generously and without reproach, and it will be given to him.”
Shall we pray?
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