Debt Hatred

“He that is surety for a stranger shall smart for it: and he that hateth suretiship is sure.” (Pr 11:15 AV)

 

When the word of God uses the term ‘surety’, it is talking about unsecured debt.  The Bible does not forbid debt.  There are Old Testament laws regarding debt and the procurement and disbursement thereof.  Everyone would love to live in a purely cash-managed society where the only things bought and sold were done so with cash on hand.  Granted, that is the goal for almost all purchases.  But there are large ticket items like a mortgage or emergencies like medical needs that are realistically not affordable on a ‘for cash’ basis.  That last phrase, however, should be our attitude.  Debt is way too easy to accumulate.  It is way too easy to buy things on credit.  Our attitude should be that debt, sometimes, is a necessary evil but should be avoided as much as possible.

When looking at suretiship, the Bible is not specific on who it is warning.  It is both the borrower and lender who are warned that suretiship is not a good idea.  In Proverbs chapter six, Solomon instructs his son to make whatever debt he has incurred a short one.  Getting into debt meant the dynamics of his relationship with his friend changed and would remain so until the debt was paid.  Therefore, he was to  ‘make sure’ his friend as quickly as possible.  That meant he was to pay his debt to his friend or, if the friend was the indebted, pay the debt for his friend.  Either way, guaranteeing debt is a trap one is in until the debt is paid off.  It is a trap for the borrower because he has committed his resources to cover his debt and has lost liberty in his finances, or he must save to cover the debt of one who has borrowed from him if the loan has defaulted.  Remember, we are speaking of unsecured debt wherein the person or persons involved are the security for the debt.  If debt has substantial collateral associated with it, it is a secured debt and the risk is small.  If lenders have insurance or other assets to cover the debt, then it is secured debt.  Suretiship is unsecured debt where there is only one way for that debt to be paid and that is directly on the principle.  There is no other way for the debt to be secured.

The point, however, is this.  It is a good habit to hate borrowing.  Again, there may be times when it is necessary.  There may be times when it cannot be helped.  But for the most part, our attitude about debt should be hatred.  The more we avoid debt, the freer we are in life.  We may not have the things that we want.  But we will have the things we need.  We may not have the life of others, but we will have a life free of obligations that tie us down and limit us in our choices.  Being financially free should be a goal.  Staying free should also be a goal.  It is not a sin to be in debt.  It is a sin to be in debt and not pay it.  If we hated debt as much as we should, that would never be an issue.