A Tool in Danger of Transcending To become Your Master

"Debt is often necessary and useful tool..." a quote from an article entitled "Manage debt before it hurts you" by Richard Hextall and published in the Gulf News on November 28, 2009 under the "your money section" of the said daily newspaper. I am in agreement with all the statements and arguments presented in this article, but this one.

Before proceeding further on, let me make this clear. This piece is not a criticism, be it constructive or otherwise to the aforesaid Gulf News article. In fact, I admire the whole article that I find so insightful. I am just disturbed in the quoted statement, and this I am just presenting my own argument, why I am not accepting this statement as is.

Based on personal experience, readings (both the bible and other secular materials on personal finance), and learning from various preachings and seminars attended to, debt should not just be used indiscriminately as a handy tool to purchase on just anything, even including a car or a house. I should then say that it is not necessary and useful that one should often resort to.

I should be a hypocrite if I say I had not resorted to borrowing. I did. However, my wife and I vowed not to resort to borrowing, as best we could. We are in the process of pre-terminating our car loan soon. Credit cards were already cut-off and had already performed plastic surgery to my credit card, after receiving a letter from the provider that in 2010 a service fee will be collected. I just took the card for they promised a lifetime free dues and administrative charges (as opposed to financial charges and penalties). A detailed write-up on the reasons why a credit card should be cut-off will be published in the succeeding weeks.

God's warning in Proverbs 22:7 which expressly states that a borrower is a slave to the lender made a very great impact to the way I am handling my finances. For as for me and my household we want to serve the Lord as long as we live. And how can one serve the Lord if one is not financially free. I just want to be slave to the Lord and not the Lender.

The danger then, when one consider debt as a necessary and useful tool is its transcendental effect where the tool may later on becomes the master. One may wake up one day and realize that more and more time is now spent thinking and working for ways just to keep up with the payment of the loans. Quality time with the love ones, fellowship with the brethren, or the prayer and devotional time is now in danger of being compromised.

Ever wonder why people in a highly urbanized areas are always in a hurry? These people are always short of the 24 hours and are living a fast paced life. This is one evident effect that the world is controlling them. Most of these people are now becoming slave to earning more to pay off amortizations left and right.

And even if you are not living in the metropolis, but you are spending more and more time with extra work to earn extra income to payoff your monthly amortizations, you are in the brink of becoming a slave to the lender.

As a parting statement, let me quote Thomas Jefferson, the third president of the United States of America saying "do not spend your money until you have it." In this way, you will not have any chance of availing a loan.