An unique way of looking at borrowing and debt, though credit cards nor any other modern debt/borrowing tools has yet to be invented, the principles I feel are pretty sound and can be applied even today.
Deuteronomy 15:1-2 says: ??t the end of every seven years you must cancel debts. This is how it is to be done: Every creditor shall cancel the loan he has made to his fellow Israelite. He shall not require payment from his fellow Israelite or brother, because the LORD?? time for canceling debts has been proclaimed.??
Source: Free Money Finance: Five Biblical Principles about Borrowing and Debt
If it’s indeed not a good idea to borrow more than 7 years, I would say most housing loans would be very difficult to pay off. And with the rise of BLR recently, the road to a debt-free life seeems even more long and winding…
You might want to read these too...
- ALPDS: Credit Card and Debt Counselling
- BLR on the Rise
- Money As Debt II - Promises Unleashed
- Plastic Debts Top the List
- CCDMA is LIVE!
- Get Rich Quickies!
- How To Earn More?
- Credit-Card-Debt Free!