If a man is righteous and does what is just and right – if he does not eat upon the mountains or lift up his eyes to the idols of the house of Israel… does not oppress anyone, but restores to the debtor his pledge, commits no robbery, gives his bread to the hungry and covers the naked with a garment, does not lend at interest or take any profit, withholds his hand from injustice, executes true justice between man and man, walks in my statutes, and keeps my rules by acting faithfully – he is righteous; he shall surely live, declares the Lord God.
Ezekiel 18:5-9
Before you use
credit, be clear about four things.
- Can you afford all the repayments? What will you have to go without while you are repaying the loan or clearing your overdraft or credit card balance? Will you still be able to pay when you go on holiday or at Christmas?
- Is it worth it? Borrowing increases the cost of what you buy so work out just how much you will pay, including all the interest. Forget the interest rate (the ‘APR’) for a moment: just add up all the instalments and decide whether what you want to buy is worth the total cost!
- Is it the smart thing to do? Will you end up paying for something after you have stopped using it? How long will you keep playing the computer game, for example, or wearing the clothes? (Next weekend's Reflections will be about redundant credit.)
- Could you cope if something stops you making a repayment? Would you be able to pay the default penalties and charges? They are in the terms and conditions (the ‘small print’), so take the time to read them carefully before you sign anything. Defaulting on a repayment could quickly plunge you into acute debt.
The passage at the
start of today’s Reflection describes a moral person in the ancient world. It
was not just the Jews who thought it wrong to charge interest (or usury) on a
loan, as I explained during the series of Reflections on Babylon and the Beast, but today it
is very hard to avoid and this makes borrowing very much more risky.
In fact, borrowing today is probably more dangerous than at any
time in history and so it should always be done with great care. But when done wisely, it
can be useful.
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Copyright © All Souls Clubhouse Community Centre & Church and Philip Evans
2013.
Scripture
quotations are from The Holy Bible, English Standard Version® (ESV®), copyright
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Handling
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