I hope you enjoy my nifty new term for my Friday blog posts. I thought it was pretty creative (both start with F ;)). Every Friday I want to present a verse or passage in the Bible and try to dissect it in modern day personal finance lingo. Today we are going to start with one of my favorite verses (because this is my blog :)).
The rich rule over the poor, and the borrower is servant to the lender.
This is one of my favorite verses because:
1. It gets straight to the point. If you borrow money (or goats, cows, or wheat) from another person you are their servant until you return the full amount (plus interest). Debt leads to slavery whether it be bank or family member. Dave Ramsey says “Thanksgiving dinner tastes different when you eat with your master (not verbatim)”. Ever notice the air is different in the room with someone you owe money???
2. The wealthy rule the poor. It is my best guess that this was not some sort of hierarchal babble that was only useful during the time. I believe that wealthy people have different money habits than the poor. When I say poor I mean the person that is financially destitute and owes more to the bank than they have in the bank. Poor money habits will lead to a poor lifestyle.
Do you think God was calling out debt in this scripture?