Archives for posts with tag: debt

 

Traditional slavery, chattel slavery, is officially illegal in all countries.  However, while most of the world has since eradicated the antiquated systems that once forced multitudes of people into involuntary servitude, today, there is a new form of slavery—a new slave master.

 

According to Cambridge Dictionary, slavery is defined as “the condition of being legally owned by someone else, or the system in which people are owned by others.” Wikipedia puts it this way:  Slavery is “a legal or economic system in which principles of property law are applied to humans allowing them to be classified as property, to be owned, bought and sold accordingly, and they cannot withdraw unilaterally from the arrangement. While a person is a slave, the owner is entitled to the productivity of the slave’s labor, without any remuneration.”  In today’s capitalist economy, financial institutions have become the new captains of the slave trade.

 

Proverbs 22:7 says, “The rich rule over the poor, and the borrower is slave to the lender,” (NIV).  No where is this truer than in “free trade.”  The average American is shackled by debt.  According to an article published on Nerdwallet.com, as of October 2015, the U.S. household consumer debt profile was as follows:

  • Average credit card debt: $16,140
  • Average mortgage debt: $155,361
  • Average student loan debt: $31,944

 

The article further went on to say that the total debt owned by American consumers was:

  • $11.85 trillion in debt
    • An increase of 1.4% from last year
  • $918.5 billion in credit card debt
  • $8.09 trillion in mortgages
  • $1.19 trillion in student loans
    • An increase of 5.9% from last year

 

The median household income for 2014 was $53,657. As the numbers suggests, most Americans are in over their heads in debt.  The problem is not so much the debt itself.  The problem is the issue of usury, which is illegal and morally reprehensible.  Merriam-Webster defines usury as, “the lending of money with an interest charge for its use; especially:  the lending of money at exorbitant interest rates.”  How does one quantify and/or qualify exorbitant?  Today’s credit card APR can range from low 13% all the way to 29.9 %.  I would make the argument that even 13% could be considered exorbitant.  Who determines exorbitance?  I’m sure it’s not the average citizen.

 

The main difference between traditional slavery and economic slavery is that most individuals, at some point, voluntarily entered into their financial engagement(s).  However, the similarity that both conditions typically share is the inability to readily disengage from the entanglement.

 

Let’s take another look at the definition of slavery.  The first part of the definition of slavery asserts that slavery is orchestrated by “a legal OR economic system.”  By definition, the financial system is an “economic system.” So, check.  The second condition of slavery is that an individual is “legally owned” by another individual(s).  Yet, another check.  I must say this, although individuals are not physically owned by financial institutions, they are economically imprisoned and shackled.  Before I expand on this though, I would like to state the third condition of slavery, which is “they cannot withdraw unilaterally from the arrangement.”  Check!

 

Most financial institutions are in the business of buying and selling debt.  It is not uncommon for people who are saddled with debt to see their loan(s) change hands several times during the lifetime of their loan.  With each change of ownership, there are new notices and disclosures, which are usually multiple, page documents that are typically indiscernible, microscopic fine-print with an inherent obligation for compliance.  In essence, the borrower does not get to pick and choose which terms and conditions they accept and agree with.  Once the loans are sold, the borrower’s finances become subject to the new lender’s (“owner”) discretion. The borrower cannot readily disengage from the financial obligation without legal recourse or ramifications.  In some cases, many individuals are working solely to pay debts.

 

There are people who are reading this post and are probably thinking that individuals who are indebted are in the position that they are in because of poor decision-making.  While that may or may not be true of some, it’s not true of others, and I caution such thinking.  There are many individuals, who have made prudent decisions, yet have still found themselves victims of circumstances, including divorce, life, sickness, death, fraud or even hunger.  Not everyone in debt is living above their mean.  Some people are simply trying to live.  A mother who uses her credit card to buy food and clothing for her family is a far cry from a squanderer.  A young, doe-eyed humanitarian who made a prudent decision to attend medical school to refine his God-given gifts and impact his community and the world around him is far from what I would call irresponsible.  While I am sure there are people who’ve placed themselves in the lion’s den, this is not everyone’s story, and the truth is, even if it were, do they deserve to be eternally imprisoned?

 

King Solomon said it best when he said, “I have seen something else under the sun: The race is not to the swift or the battle to the strong, nor does food come to the wise or wealth to the brilliant or favor to the learned; but time and chance happen to them all,” (Ecclesiastes 9:11, NIV).  One on the worse things that any of us could do on our journey on this Earth is to make distinctions between “us” and “them.”  If anyone has lived on this Earth long enough, one of the valuable lessons learned is that time is the ultimate equalizer where “they” often becomes “me.”

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There are moments in our lives when we will feel as though the walls are closing in around us and that we are surrounded by enemies on all side.  In those moments, it seems like there are more of them than there are of us.  That is when we are called to stand firm on the Word of God and scream the name of Jesus.  Deuteronomy 28:7 says, “The Lord will grant that the enemies who rise up against you will be defeated before you. They will come at you from one direction but flee from you in seven,” (NIV).  This morning I speak God’s words into your situation.  I pray that when your enemies comes at you in one direction, they flee in seven.  The Bible is filled with many verses for various situations.  Below are just a few:

Your enemies are attacking you and have surrounded you on all sides.                

“The Lord will grant that the enemies who rise up against you will be defeated before you. They will come at you from one direction but flee from you in seven,” (Deuteronomy 28:7, NIV).

Your faith is being tested and shaken.

“The apostles said to the Lord, ‘Show us how to increase our faith,’” (Luke 17:5, NIV).

The foundation of your marriage is being tested.

There is no fear in love. But perfect love drives out fear, because fear has to do with punishment. The one who fears is not made perfect in love, (1John 4:18).

But for those who are married, I have a command that comes not from me, but from the Lord.A wife must not leave her husband. But if she does leave him, let her remain single or else be reconciled to him. And the husband must not leave his wife.  (1Corinthians 7:10-11).

Your relationships are being tested.

“But blessed are those who trust in the Lord and have made the Lord their hope and confidence, (Jeremiah 17:7, NLT).

Your finances are being attacked.

The blessing of the Lord makes a person rich, and he adds no sorrow with it, (Proverbs, 10:22).

The devil is robbing you of your peace.

 Don’t worry about anything; instead, pray about everything. Tell God what you need, and thank him for all he has done, (Philippianss 4:6).

Doctors, man, have spoken death and sickness over your life.

O Lord, if you heal me, I will be truly healed; if you save me, I will be truly saved.  My praises are for you alone, (Jeremiah 17:14).

Doctors, man, have given you the news of infertility.

Isaac prayed to the LORD on behalf of his wife, because she was childless. The LORD answered his prayer, and his wife Rebekah became pregnant (Genesis 25:21, NIV).

Man has spoken failure over your life.

Do not put your trust in princes, in human beings, who cannot save.

When their spirit departs, they return to the ground; on that very day their plans come to nothing, (Psalm 146:3-4).

Man has spoken curses over you and your family.

Listen, I received a command to bless; God has blessed, and I cannot reverse it, (Numbers 23:20, NLT)!

“It is for freedom that Christ has set us free. Stand firm, then, and do not let yourselves be burdened again by a yoke of slavery” (Galatians 5:2, NIV).

The biggest life lessons are the ones that are birthed out of frank conversations.  About a year ago, I was conversing with one of my mentors when he shared with me one of his theories on life.  He said:

“If you get up on Monday morning and say, ‘Ok, it’s Monday, let’s jumpstart this day,’ then you probably have a career.  If you get up on Monday morning and say, ‘Oh s*** it’s Monday,’ you most likely have a job.”

Those words resonated with me.  If we, as individuals, are walking in our purpose, Mondays do not ignite a visceral response.  That doesn’t mean that life isn’t hard and we don’t get fatigued and occasionally frustrated.  It simply means that Mondays aren’t daunting.

So, why are Mondays so unnerving?  Why do most people start to dread Monday as early as twilight on Sunday?  The answer is simple.  Most of us are slaves.  One of our chief masters: Debt.  Sure, fear, laziness and other vices are all co-conspirators, but debt is one of the main slave masters.

I think it’s probably safe to assume that if it weren’t for financial obligations, many people would probably have quit their current jobs eons ago and pursued their passions.  But with mortgages, car payments, loans and other debts, simply walking away is difficult.  Debt not only impact our career paths, it impacts our overall health—physically, mentally, spiritually and relationally.  Debt distorts our perspective, limits our vision and narrows our options.

So how do we conquer debt?  We need two things: a physical and a spiritual plan.  A physical plan could range the gamut from budgeting to financial counseling.  This essential component is need and case specific and beyond the scope of this dialogue.  A spiritual plan requires us to stand on God’s Word.  His word is his promise to us.  God sacrificed His one and only Son so that we could be free.  Hence, it was never God’s intention that we would be slaves to anything, including debt.  Below are just a few principle to meditate on regarding God’s view on debt.

Proverbs 22:7 (ESV)

The rich rules over the poor, and the borrower is the slave of the lender.

Psalm 37:21

The wicked borrows but does not pay back, but the righteous is generous and gives;

And finally, one of my favorites:

Deuteronomy 28:9-13 (NIV)

 The Lord will establish you as his holy people, as he promised you on oath, if you keep the commands of the Lord your God and walk in obedience to him. Then all the peoples on earth will see that you are called by the name of the Lord, and they will fear you. The Lord will grant you abundant prosperity—in the fruit of your womb, the young of your livestock and the crops of your ground—in the land he swore to your ancestors to give you. The Lord will open the heavens, the storehouse of his bounty, to send rain on your land in season and to bless all the work of your hands. You will lend to many nations but will borrow from none.  The Lord will make you the head, not the tail. If you pay attention to the commands of the Lord your God that I give you this day and carefully follow them, you will always be at the top, never at the bottom.

Today’s prayer:

Lord,

According to the world’s standard for living, money is one of the greatest source of strife in relationships.  I pray that in our relationships, you grant us the wisdom to be prudent with the resources that you have gifted us with.  I also pray we would not allow debt to prevent us from pursuing and living the life that you have destined for us.  In Jesus’ name I pray. Amen!