Borrower is slave to the lender?

Question

Do you believe that the borrower is slave to the lender like the bible says?

Answer 1

Yes. You borrow money and you have to pay it back on their terms. It then controls your life and your money. You will never become wealthy if you are in debt. You pay interest instead of earning interest. Save for whatever you want to buy. It will not kill you to wait a little while to get something. A paid for car drives differently then one you are making payments on as it depreciates in value.

Answer 2

Yes. Now the lender does not place you in chains or throw you into prison like was the case when the bible was written. However, in every case the lender exerts a varying degree of influence and control over the borrower.

It is also true that many people can't buy a home without borrowing.

But the choice to borrow needs to be considered very carefully, with the understanding that when the lender and borrower disagree - the lender wins.

Answer 3

Yes- one is slave to the payment. If you have payments (bank notes) at least a portion of your monthly pay must go to the bank each month instead of something else you may want it to go to. It is true most people can't purchase a home with out a loan but everyone can pay off that mortgage in their lifetime. If you don't pay it of, that person is the definition of borrower is slave to the lender.

Answer 4

Not necessarily. Credit can be a very useful tool for the borrower if they are responsible. Most people could never own a home without being able to get a mortgage and pay it off.

Answer 5

in the old bible there is no such thing like this though they have the law that if you are unable to pay you will work for him until you complete your loan

Answer 6

Yes. When someone is indebted (and assuming they are paying their debt) the fruits of their labor accrue to someone else. That is the definition of slavery.