greed begets debt

Debt is such a huge, ugly monster, common to many yet uncomfortable to discuss.

It’s so prevalent that statistics show 8 out of 10 US citizens are in debt. Our local statistics are hard to gather, but the correlation must be close, if not worse, considering that our interest rates are higher.

Quite often, most personal debt is aimed at the materialistic possession of non-appreciating items. It is acquired in an effort to purchase what we couldn't afford or patiently earn, out of poor lifestyles, or too much optimism about the future. In English, this may also be called greed. Silent pause: Why are you in debt?

Many of humanity's moves are driven by greed, but if not controlled, it leads to financial bondage (Luke 12:15). Greed can become so big and unsustainable both at the individual and government levels if not managed properly. We've seen some governments borrow money from nations all over the globe, developing unsustainable debt that can never be paid off. Eventually, the house of cards begins to collapse. Silent pause: How much in debt are you, and when do you hope to recover?

Again, debt is most times unnecessary as one could exercise patience and afford the item without being in debt. Contentment trains and affirms that in a world of opportunities, yours is lined up at its optimal time (James 1:17). But people rush to debt out of impatience.

Sadly, debt begets debt. If you ask people in debt when they intend to get out, they often don't know because they just keep accumulating more debt. They get one loan to pay off another, and while they may have started out innocently to pay fees, they end up cutting ties with relatives or old friends whom they couldn't repay because of this habit.

The consequences of debt are clear, and I hinted at many of them yesterday. It is my conviction that if we controlled our greed or learned to be content (1 Timothy 6:6), while at the same time working hard (Ephesians 4:28) to increase our capital inflows, we wouldn't need this "quick greed fix."

I’ll end today's session with Warren Buffet's words: "If you are smart, you don’t need it, and if you are dumb, you shouldn’t be using it." And if that doesn't cut it, we have the usual anthem from Proverbs 22:7: "The borrower is slave to the lender."

4#DebtSeries 
Previous article on debt was - https://pbkanoti.blogspot.com/2024/06/indebted-kenya.html

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