Credit with Caution

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When you make a loan of any kind to your neighbor, do not go into their house to get what is offered to you as a pledge. Stay outside and let the neighbor to whom you are making the loan bring the pledge out to you. If the neighbor is poor, do not go to sleep with their pledge in your possession. Return their cloak by sunset so that your neighbor may sleep in it. Then they will thank you, and it will be regarded as a righteous act in the sight of the Lord your God” (Deuteronomy 24:10-13).

God provided detailed examples of righteous living to encourage people to be righteous. The above is just one example from Deuteronomy 24.

From this grew contract law and modern remedies for late and non-payment – court orders and bailiffs…!!

The financial sector makes money from charging interest – some companies charge lots of it. One day my wife exclaimed at an advert on tv. She was horrified that a pay-day company was charging 1,879% interest.

There are fair financial products and unfair ones. We were looking to remortgage just after the 2008 downturn, we wanted a tracker mortgage, however banks were pulling those products from the market – why? Because they knew interest rates were going to fall.

A mortage advisor at a major bank told me I was being silly and “sign up” for a fixed rate at 4.5%…I refused. Not too long after we got a tracker mortgage and saw our repayments drop as interest rates dropped.

Credit with caution. Be encouraged


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