The ESV translation of Proverbs 13:22 says, “Wealth gained hastily will dwindle, but whoever gathers little by little will increase it.” Proverbs 22:7 tells us, “The borrower is the slave of the lender.” The apostle John bluntly reminds us in his first epistle (1 John 2:16), “For all that is in the world—the desires of the flesh and the desires of the eyes and pride in possessions—is not from the Father but is from the world.”
A few years ago, a young, newly-married couple asked if I would help them with their budget. As we sat down in their apartment, and before I even had a chance to look at their balance sheet and budget, the husband said that the biggest financial priority for him and his wife was to get out of debt. My first thought was, how could a couple married only nine months–and both under the age of 24–accumulate debt to the extent that it was their biggest financial concern?
As I reviewed their financial snapshot, the origin of their problem became clear. On their wedding day, these two began their lives together under the shared burden of a boatload of student loan and credit card debt. Continue Reading →