Saving Money God’s Way: Pay Your Debts ASAP
Have you ever heard of the generational theory? The concept is that there are very different cultures, including money cultures, depending on how old you are. People from the Depression/World War II generation (the “Builders”) hate debt, whereas people from the iPod generation (the “Millennials”) tend not to worry about borrowing. Builders pay cash; Millennials just get another credit card.
When it comes to borrowing, the Builders are wiser. Every financial planner worth a dime will tell you to pay down debt as rapidly as possible. Interest payments just eat cash. Out-of-control debt also destroys your credit rating and makes it harder to get a decent loan on really important things like a home.
Paying down debt ASAP also applies to personal loans from relatives or friends: “Do not say to your neighbor, ‘Come back later; I’ll give it tomorrow’ when you now have it with you” (Proverbs 3:28). That’s not only good financial advice. It may also save a friendship.