August 28

Proverbs: 22:7
The rich rule over the poor, and the borrower is servant to the lender.

There is a whole internet community devoted to totally eliminating your debt. Dave Ramsey is my favorite but there are so many other ones. Mary Hunt is another favorite. Read the banner on her website: "Debt has become the American way. So has denial. And super-high debt levels paired with serious denial is becoming almost ubiquitous. While not all debt situations reach critical levels, when they do, the response must be equally severe."

But the question is, why? Oh, I get the whole concept that times are tough. But Clark Howard has been the staple on Atlanta radio for almost 20!! years. Good times, bad times.

And it seems, just like dieting, that once you get out of debt or at least make a good dent, you slide right back in, with a fancy new car or a hot tub or child who wants to go to a chic-chic poo-poo college.

Why?
And why was Solomon, of all people, advising his sons on debt? Mr. I want the biggest, finest palace not just for me but also for Pharaoh's daughter, my wife.

People think credit is a recent thing but it is not. Prior to charge cards, the debt master of choice in the lower income levels was the pawn shop. Ever read O.Henry's masterpiece, The Gift of the Magi? Where did the young man get his money? Pawn shop.
And why was the colony of Australia even created? The debtor prison for Great Britain was overrun with blokes and the cost was too high to keep them. Cheaper to ship them off to Australia than pay the guards.
So many great folks (Light Horse Henry Lee, a Revolutionary War general and the father of Robert E Lee, Robert Morris, a signer of the Declaration of Independence) were imprisoned in America as a result of the debt that in 1833 a federal law was put into place eliminating imprisonment for federal debts. Of course, that has since been amended as you can go to prison for non-payment of income taxes. But the REASON for the law was not justice, it was EXPENSE!

In previous cultures like Greece and Rome, you could sell yourself, your wives and your children for loans or repayment of loans. And this was a common practice!

So, back to our Proverb for today. Why would this make the cut?

I think, and this is just me, that it is very hard to live within your means, no matter what your income or social level. It is so very hard not to compete with siblings, friends, next door neighbors, work mates.
And Solomon, man of a thousand wives, knew this first hand. If you never get started in the debt world, you never get addicted. And no one owns you.

So, I ask you, Do you have a comfortable debt level, personally? How about your business world? And what about on a city, state or national level. Do you have tolerances or feel it should be on a cash only basis?

And if you are uncomfortable with personal or business level, are there steps you can take (Dave Ramsey's Baby Steps!)to bring those levels back into line even if that means signing a non-compete agreement.

Blessings and peace to each of you as ponder this touchy subject.