The Debt Trap

The rich rules over the poor, and the borrower is servant to the lender (Proverbs 22:7).

Debt photo, man looking at a bill

The borrower is servant to the lender.

These words of wisdom inspired the following practical advice in the free booklet Managing Your Finances:

“When we fall into debt, we serve those to whom we owe money. In the case of our credit card masters, we serve them well. After all, what investor wouldn’t like to receive an almost 19 percent return—the average credit card interest rate—on his investment?

“The way to financial freedom is through repaying debt, then avoiding indebtedness whenever possible. Though it may make sense to finance essential items of long-term value such as a home and one’s education, credit card debt is something most people can fairly easily avoid.”

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