Escape the Debt Trap

On Sunday, May 14 (which is Mother’s Day) we will begin a two-week series at church called “Escape the Debt Trap” based on a book of that name by Dr. Kregg Hood.
Since MHCC just signed for a large loan on our new building, you might wonder about the consistency of talking about debt as a trap from which we need to escape. Well, consider:

1. Borrowing money isn’t a sin. In the Old Testament, God allowed his people to loan money to one another as long as they charged no interest, and He allowed them to loan to foreigners with interest (see Deuteronomy 23:19-20). I would guess that 90% of us borrowed money to buy our homes. You can bet that our church wouldn’t stand still for this if lending and borrowing were sins. Still, even reasonable borrowing limits us, for: “The rich rule over the poor, and the borrower is servant to the lender” (Proverbs 22:7). Now that MHCC has creditors, paying them is a moral and legal obligation, and they have a right to review our books.This is more than a little relevant to our personal finances too, because we participate in a market that encourages debt. We’re told: “If it’s OK to borrow for your house, why not for a car, and a computer, and for carpet and clothes? Why not use your credit card for groceries, utility bills and gas? And if you can’t pay it off at the end of the month, just extend it out as long as you need to (and pay the interest).” That leads to my second point:

2. MHCC is a reflection of her people, and so our church’s financial situation reflects the finances of the people who attend here. What I mean is that MHCC’s need to borrow may reveal that many of her people are trapped in personal debt.I think you will enjoy reading Dr. Hood’s short book (which we began handing out on Sunday, April 30 ). If you are completely out of debt, or you have your debt under control, you’ll find this study to be a rewarding review, and maybe it will inspire you to mentor others. If you have a debt problem (moderate or serious), you will find real help in this practical, Biblical study.

As a follow-up to this study, we will offer in June a four-week class on Biblical Financial Principles, and we will make available some personal financial counseling to those who will commit to it.

Since this is such an important issue, be sure to invite your friends to this special study on May 14 and 21.

April 30, 2006 · Filed Under Discipleship, Life, MHCC, The Church

Comments

3 Responses to “Escape the Debt Trap”

  1. pisces on May 1st, 2006 7:24 pm

    Hi, Dennis — Maybe this is better for the discussion group, but I thought I’d start here. As part of the financial teaching, has your church allowed attorneys to come in and encourage people to place their property in trusts to aid their families and charity, and to “protect assets?”

    The reason I put the last two words in quotes is that there is often an element of these presentations that morally worries me. Estate planning attorneys often encourage Christians to maneuver their property into a device which will essentially see that their nursing home care is paid for by the government someday, and yet they pass their estate to their children. The moral problem is that Medicaid is a needs based program intended to pay medical bills for the poor. Congress is periodically writing laws to tighten the loopholes that estate planning attorneys find. Christians, especially politically conservative ones, spend a lifetime promoting private charity and resisting social spending, but many feel it is their right to demand public subsidy at the end of their lives, and a generous inheritance to their children anyway. It strikes me as a moral compromise.

    Pisces

  2. Dennis Mullen on May 1st, 2006 7:50 pm

    We’ve never done that. Do you recommend this type of instruction as part of Christian financial management?

    Most of the estate planning from a Christian perspective that I have heard of has been by groups like Johnson Bible College. Even if they do a fair presentation, there is no escaping their interest in arranging bequests to be left to their organization.

  3. pisces on May 1st, 2006 11:18 pm

    Well, I do think it is a wiser use of family wealth to leave it to charity rather than your children. Most people live so long now that generational inheritances are meaningless. Good Christian financial education can certainly include efficient ways to do this. Where I part company with many presentations is the point where they encourage Christians to both go on Medicaid and leave wealth to family or charity.

Leave a Reply