The wicked borrows and does not repay, but the righteous shows mercy and gives. (Psalm 37:21)
It is no secret; we often hear or know of stories whereby people borrow money from family, friends, or institutions, and for some strange reason there is a consistent pattern of forgetting to repay.
For the past three years, mankind has been forced to deal with unprecedented changes, but that is life; change is the only constant. For those of us negatively affected financially due to these changes, the following descriptions do not apply. However, knowing what not to do going forward despite desperation may help with future decision-making.
When you take out a large personal loan that you know you have no intention to fully repay, I humbly submit you are failing to honour your commitment in the sight of God and man. The aim should never be to see what you can get out of or what you can get away with. When you spend more than you can honestly afford, it is on you to repay your debt. Getting out of debt is not about getting out of your obligations. It is about managing your obligations so you can repay what you owe and live a more financially honest life going forward.
If at any point you find yourself in a tough place financially and you are experiencing challenges, the best thing to do is to be upfront with your debtor about current realities. If you should be repaying $1,000 but instead you can only make $500, it would be better if you did the same rather than zero $0.
Please understand that when you don’t pay for something, there is still a cost borne by others. When you don’t pay back your student loan, the cost is absorbed by taxpayers, or your guarantor is the individual pressured into paying the debt.
When you owe money, you pay it back. It may take you a long time. It may mean making sacrifices elsewhere in your life. To not honour your financial obligations is not just a powerless money move; it is an act of personal failure.
Let no debt remain outstanding except the continuing debt to love one another. (Romans 13:8)
