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Southern Poverty Law Center
LISTEN NOW! Today, debt appears to have become an everyday word that is commonplace. In the increase of loans, another type of loan is being seen, “Payday Loans”. Instead of a home loan that is paid back in 15-30 years, or a short term 12- month loan, these Payday Loans are given based on someone’s incoming paycheck. If you cannot afford an annual loan, then a 2-week loan is surely out of the question. Proverbs 22:7 reveals, “The rich rule over the poor, and the borrower is slave to the lender.”
According to reports, “Nationwide, borrowers pay $12 Billion in Fees and Interest Every Year”. In addition, “There are more than 20,000 payday lenders in the United States. In Alabama, there are four times as many payday lenders as there are McDonalds restaurants.” Because of the exorbitant interest rates of these loans, some borrowers will pay more in interest then they will the total amount borrowed!
We must begin to live within our means and stop enjoying the blessings of tomorrow today. The people that are struggling are the very ones that are being taken advantage of. Instead of having a business that brings income based on excessive usury fees or fines, there is wisdom. One particular man, gifted with many business skills, listed GOD as the CEO of his company. He would be brought into boardrooms of many different companies to give advice on how they could run their business. He refused to be on any corporate board that used such fees to bring in income. It matters how we are receiving our income.
Allow your wisdom to increase regarding the perspective of finances and debt, and so much more. Also shared in this segment: usury fees, insufficient funds, high interest fees, mortgages, predatory lending, and debt. Greg and Steve shared in this segment.
Stop the Debt Trap
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The Borrower is Slave to the LenderProverbs 22:7
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