I have a rule about spending: unless it is a house, car, or education, I don’t borrow money.  I do not have a credit card.  Once I got a job, I decided to save money for any spending that I needed to do, but I never borrowed money.  I definitely never borrowed money from family because that leads to scrutiny on everything you own.  I don’t take out a loan for anything unless it is a legitimate need in one of those major areas.

Before you write me off as being un-American, understand that my reasoning is not solely logical.  I got this tidbit of advice from the Bible.  Solomon, one of the wealthiest men of all-time, wrote that rich people rule over poor people and that someone who borrows money from someone else has become that person’s slave (Prov. 22:7).  I would expect a wealthy person to encourage a borrowing mentality, but he warns against it because when you choose to use money that you presently don’t have, you are the lender’s slave until you pay it back.

Not only do you become slave to the lender when you borrow money or charge something on a credit card, but you also will have to pay much more for the purchased item due to the accumulating interest.  I know that many of you reading are able to have credit cards and pay the balance each month, and that is all good.

But many people in our country are not that disciplined.  The average $100 purchase for a student on a credit card will actually cost him so much more than a mere $100.  If you already have a credit card or two, you have to begin to ask the question: do I truly need what I am purchasing on credit?

Travis Agnew is a Christian, husband, father, pastor, author, blogger, and religion instructor.