"Do not be a man who strikes hands in pledge
or puts up security for debts;
if you lack the means to pay,
your very bed will be snatched from under you."
- Proverbs 22:26-27
In these tough economic times, we may feel tempted to help someone who is having trouble getting a loan by co-signing for them. Did you know that the Bible tells us not to do this? Many are surprised to find that God is against putting up security for another person's debts. Why is that?
For the co-signer, the message is simple: if the loan cannot be paid by the principal borrower, the debt then falls on the co-signer. What happens if you have debts of your own that you need to take care of? The finance company doesn't care. You made a promise to pay, and if you don't it will affect your credit rating. The finance company may try to put a lien on your property. The least they'll do is call daily to harrass you into paying for this debt. Is it worth the trouble?
But perhaps you're thinking, "I wanted to help this person. Why should I be punished for doing good? Doesn't God want me to be generous?" Clearly this isn't the way God wants generosity expressed. Proverbs 22:7 tells us that "the rich rule over the poor, and the borrower is servant to the lender." God wants us to avoid getting into debt, not help others increase their own. When we co-sign a loan, we're interferring with God's plan for that person's life. Rather than helping them, we're hurting them by getting them further into debt. Perhaps God is trying to teach that person to be content with what they have. Maybe God wants to give that person a lesson in saving for the future. Regardless of what His reasons may be, we need to obey God's Word and not put up security for another person's debts. God has promised to take care of our daily needs. Let's trust Him to do just that.
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