1st Timothy 6: 6 But godliness with contentment is great gain. 7 For we brought nothing into this world, and it is certain we can carry nothing out.
The problem of racking up avoidable debt is a form of bowing, for it gives persons the ways and means to own things they really don’t need and which under normal circumstances they would not be able to afford. This is contrary to the instruction given in the Bible, which teaches us to be content, and because of this, it becomes a form of bowing to the credit god.
During the recent frenzy in the U.S. housing market, when prices skyrocketed to levels that were beyond reason, some persons succumbed to the syndrome of irrational exuberance, and went out on a limb to take advantage of the equity in their homes, even if they had no prior plans, or need of doing so.
But now, as the payments come due, some persons are having second thoughts as the market cools and as the Feds continue to ratchet up interest rates for several notches, for the foreseeable future. Credit that was taken out when interest rates were really low, would now have to be repaid at a much higher premium. It’s just another danger of bowing.
1st Timothy 6:9 But they that will be rich fall into temptation and a snare, and into many foolish and hurtful lusts, which drown men in destruction and perdition. 10 For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows.
May The Lord add His blessing to the study of His word. God bless!