Being Successful Financial Responsibility Taking on Another’s Debt

Being Successful

Financial Responsibility Taking on Another’s Debt

Giving and helping others is foundational to the Christian life

Finding someone in financial trouble can pull on our heart strings

Although it is a good thing to help those in need there

are warnings we should think about before giving

If you co-sign for someone you are responsible

“My son, if you have put up security for your neighbor,

if you have shaken hands in pledge for a stranger,”

… Free yourself

Financial Responsibility Taking on Another’s Debt

The prosperity message is a major theme throughout the Bible.

God wants His people to prosper as their soul prospers.

“Name it and Claim it” has become a popular prosperity message.

But for those who understand the scriptures,

the way to prosperity and maintaining prosperity

takes a lot more than speaking some words.

Proverbs 6 is one of those places in scripture

where we get some good advice…

“My son, if you have put up security for your neighbor,

if you have shaken hands in pledge for a stranger”

Giving and helping others is foundational to the Christian life.

Finding someone in financial trouble can pull on our heart strings.

Although it is a good thing to help those in need,

 there are warnings we should think about before giving.

If you co-sign for someone you are responsible.

As important as it is to make sure the person

who you sign for can pay, you need to make

sure your family will not suffer if they default.

I have on several occasions helped to bail someone out.

 

In my experience, I learned some hard lessons.

In some cases, I had promises and collateral from

the borrower and in the end it meant nothing.

Because the borrowers tried to put the best spin

on their situation and my family and I suffered.

A good friend told me he did not loan money

because if their financial problems were related to

sin in their life he did not want to get a spanking, too.

I have received some of those spanking just trying to be helpful

and only getting in the way of God’s dealings in their lives.

The hardest people to turn down are

well known Christians in the church.

They are the ones you want to believe.

Some of them promised me very good returns.

But in the end I thought I was helping them by being

the good brother in the Lord and they abused me.

Some of those people looked very successful and

others down on their luck.  (I do not believe in luck.)

   

What I found is this…

 My heart was bigger than my brain.

My emotions ruled over logic.

My financial and emotional freedom is

still suffering from putting up security.

Proverbs says if you have helped

someone out by putting up security…

“So do this, my son, to free yourself, since

 you have fallen into your neighbor’s hands:

Go—to the point of exhaustion”

to get out of the agreement.

  

You do not want to be at the

mercy of your neighbor or friend.

If you loan to them you will watch them closely

and become offended at them if you see

they spend money and time differently than you.

You not only will have to deal

with anger if they don’t pay, you

will have to deal with your family’s

anger as their livelihood is affected.

There comes a time you can throw good

money at bad and it will all be lost.

There are times you need to let the difficult

situation in someone’s life play out.

I once told a man who made some bad decisions…

“If you are going to die (speaking of financial disaster) die quickly.”

He took out a 2 month loan for $400 with the cost of the loan being $190.

In 30 days his first payment of $150 was due but he was a few days overdue

so the Loan Company added another $190 loan reinstatement fee. Now he had

60 more days to pay but has to pay over $800 for the $400 loan or lose his car.

    

Parents it is important for your children

to understand financial responsibility.

If your children grow up with more than

what you had growing up, “Beware”.

We all take things for granted and we can

come to expect to have things without the

work and time it takes to build in life.

Teach your children to work for what

they get rather than giving them money.

 

Let them learn the lessons that

time and work equals money.

Have them handle their money and teach them

budgeting so they have enough and learn how

to wait for items they don’t have the cash for.

Credit Cards can be killers if you buy things that do not

bring financial return or you don’t pay them off each month.

Beware of putting your name on

a credit card for your children.

Many credit card companies will allow you to borrow

over your card limit but then raise the interest over 20%.

  

Love your children and others, but be

very careful about signing for their debt.

Sometimes the greatest love is to let someone

deal with the pain of their mistakes.

Remember Jesus said the poor you will have with you always.

You can’t help all the poor.

 Sometimes you need to encourage others to

seek God for the answers to their problems. 

Scripture Reading

Proverbs 6:1-5

My son, if you have put up security for your neighbor,

if you have shaken hands in pledge for a stranger,

2 you have been trapped by what you said,

ensnared by the words of your mouth.

3 So do this, my son, to free yourself,

since you have fallen into your neighbor’s hands:

Go—to the point of exhaustion—[fn]

and give your neighbor no rest!

4 Allow no sleep to your eyes,

no slumber to your eyelids.

5 Free yourself, like a gazelle from the hand of the hunter,

like a bird from the snare of the fowler.