Overcoming family debts.

Debt is something that is owed or that one is bound to pay to or perform for another. Debt could result from borrowing; it could be from unredeemed pledges and vows, or from buying things on credit. Borrowing is an act of taking something that belongs to another to use with the hope of repaying at a latter time, it results into debt. It is not a sin to borrow, when you borrow in good faith with the hope of paying back what you owe.

One may be forced to borrow to ensure that his/her family does not go hungry especially when things are a bit down for the breadwinner. It is only wrong to borrow to buy clothing items, luxuries like a car, TV sets or borrow to host a party especially when you know you don’t have a hope of paying back. One can borrow for business when you have faith in yourself that you could make a success of that business and you know that you are disciplined enough to use the money for that purpose. Borrowing for business is taking a risk,so one must seriously consider the cons and pros of such a venture before embarking on it.

Borrowing could be as a result of:

• Lack of contentment
• Inability to set priorities right;Covetousness
• Poverty
• Necessity – school fees, house rents, bills; hospital, utility etc.
• People also borrow when their expenditure is much more than their income.

Effects of Debt:

• Public embarrassment or disgrace;
• The borrower will lack peace of mind because debt hunts;
• Terminal problems or sickness such as hypertension; migraine; headache; heart attack etc may result from too much thinking;
• Enslavement; a debtor will be a slave to his creditors;
• A debtor may not be able to move freely for fear of running into the person he /she is indebted to.

Solution:

• Learn to control internal urgings, appetite and those things that push one into unnecessary spending;
• Maintain a proper budgeting habit;
• Cry out to people who could help sort out issues and also offer valuable ideas for a better way of life;
• If one way failed, looked for other right or legal ways to make a living. Or start a business of your own;
• Look inward; you may have an idea that could spring things up, constantly be on the lookout for opportunities around you;
• Pray.

Shalom!