Forms of Borrowing
Don’t borrow money unless you really need to. When you borrow you must remember that it is a debt and the lender can play a big part in how your life and your family’s life is affected in the future.
For example, the mortgage from the bank on your home means that the bank basically has control over your home. Until such time as that mortgage has been repaid in full, the bank can dictate terms. This means that if they require the amount to be repaid immediately, you will have to find the money in other ways or the bank can take your home.
Minimising and, if possible, totally eliminating debt should always be your ultimate objective. Money can be borrowed in different ways:
- Personal loans
- Hire purchase
- Family loans
- Credit cards
Debt is the heaviest burden of life. It can weigh down your spirit and can keep you totally under bondage when your goal is to be free. There is a Bible scripture that says that the borrower is servant to the lender. How true that is.
Two Types of Bo...
Membership required (FREE)
The rest of this article is freely available to StartRunGrow members.
Not a member? Join Here - Its FREE!