“The rich rule over the poor, and the borrower is slave to the lender.” (Proverbs 22:7)
In a world driven by cheap credit, despite some changes over the “credit crisis”, there is a temptation to not understand the power position. If you borrow you are subject to the lender. Whilst we all need some leverage and borrowings to trade effectively don’t mistake that for anything else.
You borrow you will have to pay. Get that equation wrong and you will be in trouble.
Where possible we need to be the head and not the tail. Be careful of debt even when assocoated with an appreciating asset. Treat it as an undesirabe option and it could well free you from some significant trouble.
Quick Prayer. “Help me get out of any bad debt please Lord.” Amen