FNTN

Introduction.

Not surprisingly with so many people still in serious debt following the credit crunch and foreclosures, arising mainly from the sub-prime markets, there continues to be a lot of news items on the internet offering advice about clearing debt. One I came across this week was advocating following “methods rooted in discipline, a common-sense approach and the teachings of the Bible”. I quite agree that discipline is required to clear any debt – however, the other two points made are a bit more difficult to swallow.

Can the Bible help you to clear your debt?

Now, let’s get this straight from the start; I’m not against any religion offering ideas to help people clear debts and I’m certainly not saying that the Bible won’t contain comments about debt etc. But, although I’m no Biblical scholar, I’m not too sure that there is actually anything in the Bible directly related to the issue of debt – and certainly not debt in the modern age. So looking for direct advice in the Bible about sorting out your finances might well leave you somewhat short on ideas what to do. However, in fairness and if you have the time, the Bible just might stir thoughts in you as to which might be more important – material possessions or spiritual strength.

Common-sense approaches to clearing debt.

The problem with common-sense approaches to debt is that they might well make perfect sense to someone who’s not in debt, or even better someone who is a financial advisor. However, to the person in debt they’re probably not common sense – which is why they’re in debt in the first place! Here’s a simple one, also one that relates to the point about advice from the Bible. “Know the difference between needs and wants“. A perfect common sense approach to buying anything when you’re already in debt is – do I need it? If you need it then buy it. If you don’t need it, but merely want it – don’t buy it. The important thing then is to put the money you’ve saved toward paying off your debt.

Discipline and debt.

Mr Macwber, in the novel David Copperfield, knew the value of discipline in looking after his finances

 In the 19^th century the English author Charles Dickens wrote a novel called “David Copperfield” – nothing to do with magic! A character in that novel was somewhat obsessed with debt and money and is, adjusted for US dollars, quoted here: “Annual income twenty dollars, annual expenditure nineteen dollars ninety five cents, result happiness. Annual income twenty dollars, annual expenditure twenty dollars and five cents, result misery.” I’m sure you follow the idea, discipline in debt is that simple – don’t spend what you haven’t got, unless it is for an absolute essentiality.