Sept. 5, 2012
Debt is a major problem in America. Ballooning governmental and individual debt threaten our financial stability. Debt undermines one of the inalienable rights of our Declaration of Independence, liberty. The Scripture says in Proverbs 22:7 that the borrower is a slave to the lender. This connection between debt and slavery is important, though regularly overlooked in public policy and personal pocketbook decisions. Owing money to a financial institution is not nearly the same as slavery but there are parallels.
When individuals exchange freedom for temporary comfort it is a sacrifice of their liberty. Sadly many exchange financial freedom for what they consider to be indispensable luxuries such as televisions, automobiles, degrees, and clothing. These things are purchased by the borrower with a promise that he will work for the lender in the future to pay back the debt. Often times this promise has dire consequences for not just the borrower but for his family as well. Many marriages are harmed due to financial strains. And many people suffer a lower quality of life due to unwise or impulsive purchases.
One of the most costly sources of debt is college education. It has even received special attention as a separate category in FRCs recent Social Conservative Review. Many people begin new jobs and new families with high debt loads due to their education. At some of the most vulnerable points in their life they are burdened by creditors. Some say a college education is the path to get a good paying job which will then make you a happy and productive citizen. If someone cant afford college, then loan agencies (often the Federal Government) will be more than happy to help. Some students live at home or even go on government aid programs to help with the expenses. Unfortunately, in todays economy, students finish four or five years of college only to struggle to locate a full-time job after graduation. Regardless of the job they do eventually find, many graduates must then allocate a large portion of their take-home pay to cover their debt, or else pay it off over many years. As graduates feel the pressure of their debt, they bypass opportunities to gain valuable experience in their chosen field through an entrylevel job, because they must find a job any job- that will pay more.
Having gone to college as well as graduate school I am well aware of the temptation and the burden of debt. Thankfully my wife and I are currently debt-free although we have taken some careful measures to get there. Freedom from debt has allowed me to pursue my calling from the Lord to work as salt and light in our nations public policy arena. Having things immediately at the cost of enslavement by debt is not worth the price when compared to the value of liberty. I can give to my church or another charity, work at an entry level position in a field I enjoy, and slowly save for special purchases, without the constant burden of debt on my shoulders.
Being debt free means living differently than many of my peers, eating a sack lunch every day, driving older cars, and living in a very small apartment. But I still have one possession for which our founders pledged their lives, their fortunes and their sacred honor. Freedom. And that is worth more than anything a loan could buy.