The Borrower is the Servant of the Lender
Pro 22:7 (KJV) “The rich ruleth over the poor, and the borrower is servant to the lender.”
Pro 22:7 (CSB) “The rich rule over the poor, and the borrower is a slave to the lender.”
One thing about slavery is that the enslaver never wants to let the slave go free. I have shared that I have been focusing on being a better steward. My focus has been on paying off debts and not returning to maintaining high balances on my credit cards.
I paid off my car and thought my credit score would go up significantly. But the credit bureaus considered the payoff as the closing of a credit account and lowered my credit score.
I lowered my credit card balance from $25K to $10K so that I would never have such a high balance on a credit card again (I carried a $24K+ balance for several years). The credit bureaus again penalized me for lowering my potential credit liability. Why?
The enslaver wants you to stay enslaved. The credit bureaus are penalizing me for taking steps to have less debt. Dave Ramsey teaches this in his “Financial Peace University” (FPU) sessions.
His point was that we shouldn’t get so enamored with our credit score because, in ways like I have shared, the credit bureaus reward you for keeping accounts open and going into debt. Dave Ramsey’s best point was, who cares what my credit score is when I have cash?
I’m still working on learning new behaviors and have been pretty good so far about paying off credit card purchases within 30 days, which for me, was previously unheard of. At the root of my problem is wanting to have things sooner than I can afford them and not having the discipline to wait until I can.
Credit card use is a willingly accepted form of slavery. The whole system is set up to encourage the use of credit so that you can walk deeper and deeper into slavery and hopefully never escape.
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