By Norm Franz,
Jewish Voice Webcast Guest
Guest panelist Norm Franz explains why you must get out of the debt system if you want to get ahead with your money on the November 19, 2010 edition of the Jewish Voice monthly webcast.
How God Got Me Out of Debt
As they say, the borrower is slave to the lender, and a lot of people are finding that out right now as their debt bubbles have crashed and their houses aren’t worth what they paid for them.
In 1987, my whole financial world, which was built on debt, came crashing down. God in His mercy and grace showed me how to pay off debt and put a little aside for emergency funds.
I really believe that if your heart turns away from living on debt and relying on that “B” system to supply your funds and you begin to pay it off, what happened in my life was God, after a period of time – there is always a testing to see if you are going to do what you say you are going to do – God yoked with me and gave me the best job I ever had.
Between the job and the repentance of not living on debt anymore and instead living within my means and downsizing, I was not only able to pay off the debt, but I was able to manage my money so I could put money aside. I never bought cars on credit anymore. I saved money. I didn’t buy new cars, but I bought nice used cars.
“If you will repent,” the Lord told me, “and keep My commandments, I will deliver you. “ I am debt free, and I am the richest man in the world, as far as I am concerned.
When Lenders Expect Pay-Back
A lot of lenders now if you can’t pay your car payment and they confiscate it and sell it at auction and they are a couple of thousand dollars short of paying that loan off, you still owe the balance. That’s one of the laws that passed back in George Bush’s day. And that’s just a modern-day debtor’s prison.
In the housing market right now, if you can’t pay off the loan when you sell the house, some people are getting a 1099 at the end of the year saying that the difference of that, or the balance, is income and they have to pay taxes on that.
A Lesson from Deuteronomy
The bottom line is we have to get back to integrity in God’s Word. Instead of looking for an easy way out, I just really believe we need to start walking God’s way.
The Scripture is very clear in Deuteronomy 28, which says, “If you will keep my commandments, you will be the head and you will not be the tail, and I will raise you up above the nations and the blessing will overtake you and you will lend to many nations but you will not borrow.” If we are living on debt or using debt to supply, we are probably not doing it God’s way.
Financial Advisors: Should I or Shouldn’t I?
There are some financial advisors that will help you get out of debt, but then what happens is that once you get out of debt and you have extra money coming in, they turn right around and have you inject it back into the system that is in the process of collapsing.
Don’t be lending your money to that system, because right now that system is consuming everything in its path. We need to start stepping back and coming out. You need that type of an advisor, and there aren’t many of those out there.