Proverbs 22:7 says, “The rich rule over the poor, and the borrower is slave to the lender.” When you think about the modern context of this verse, it hits home pretty hard.
Is the Borrower Indeed Slave to the Lender?
How many people today have become slave to their lenders? Whether it’s someone behind on their credit card bills or someone who borrowed too much on their home, the lending institutions have borrowers under their thumbs. Payday loan companies are especially good at enslaving those who fall into the trap of borrowing from them. When you owe money to someone, it is nearly impossible to build wealth. This is because all of your money is dedicated to someone else before you even receive the money.
The best way to build wealth is to avoid borrowing money. Do a written budget every month to give every dollar a name on paper before the month starts. Once you do this and gain power over your money, you can begin the process of removing the chains of bondage. Paying off your debts and committing to never borrowing again gives you freedom from the bondage of debt. Make a decision to never again be a slave to the lender, but instead to “borrow from none and lend to many.”