There’s a good article on Debt over at threads, and how our culture encourages us to be far too casual about something that makes us slaves:
The banks and credit card companies tell us that this kind of debt is good. It’s a way of bringing forward tomorrow’s spending to today. It gives you choices you wouldn’t otherwise have. There’s even a credit card called the ‘Freedom’ card (and no, this isn’t product endorsement).
Debt is normal. More than that, it’s unavoidable. And except in the worst cases, we’ve generally swallowed that line.
We are the only generation in history to see debt as a convenience. Previous generations have avoided it wherever possible. In the Bible, taking a loan was a last-ditch solution to living in utter poverty. Jesus repeatedly used debt as an image for sin. It was scary. No-one went into debt lightly.
Why? Because debt enslaves us. In the worst cases it keeps us locked into a state of never-ending poverty. Even smaller debts, or lower interest rates, have a serious impact – and the average adult owes more than they earn in a year. “The rich rule over the poor, and the borrower is slave to the lender” (Proverbs 22:7).
Before I left home, my Dad advised me never to go into debt for anything that decreases in value after you’ve bought it. That covers most things – cars, gadgets, consumer goods, which quickly lose value second-hand, or things like holidays, where you’re getting a one-off experience.
The exception being things that increase in value or add value over time – education, to be learn and prepared for life, and to better able to work and earn. I was fortunate enough to be able to avoid getting into any debt at uni beyond my student loan, which is paid off out of earnings and written off at retirement. And mortgages are usually relatively “safe” since house prices tend to go up over time.
But even then you need to be wise and cautious, and there are incredible pressures to get into debt. University fees have shot up even since I was a student. It can’t be good for society to place people such a burden of debt.