Have you ever gotten ripped off simply because you did not know any better? We learn in Exodus 22:25 that under the old covenant God wanted His people to live by this rule: “If you lend money to one of my people among you who is needy, do not be like the moneylender; charge him no interest.”
Please don’t misinterpret this verse. It’s not saying it is unethical to charge someone interest if you extend a loan to them. Rather, God is saying don’t get take advantage of them or their unfortunate situation. This verse captured a moment in the history of the Jewish people when less fortunate Jews were being taken advantage of by wealthier Jews. The wealthier people were charging an ungodly interest rate on loans to their less fortunate brothers.
Because justice is a big deal to God, He intervened to protect the poor from the unscrupulous behavior of the rich. It’s almost like the modern credit card companies who charge predatory interest rates. The 2009 Credit Card Act was designed by the federal government to protect consumers from unfair credit card practices, eliminate predatory credit card lending tactics, and increase transparency of the credit card companies. The new credit card law helps consumers in many ways including restricting the issuance and marketing of credit cards to young adults and on college campuses. Now, anyone under 21 must get an adult to co-sign on the account if they want to open their own credit card account. Or, they must show proof that they have an income stream to repay any debts they incur.
Justice is needed to free people from unrealistic financial expectations and lift the overwhelming burdens off their shoulders.
What would happen if you applied faith as it pertains to the justice of God? I mean after spending some time in prayer and reflection make a list of some of your creditors that you can approach with the thought of their reducing your debt. Many creditors (and credit card companies) are willing to lower the payoff amount if you can be consistent with paying off a lesser amount within a certain period of time. You have to demonstrate good faith however in following through with the agreement.
Post your story of how you were able to secure a lower payoff amount because you professionally approached a creditor.
Our journey continues this weekend -- we'll see you at Christ Church for worship and I'll be back here on the blog on Monday!
I became unemployed in middle of 2009 and made it a point to pay all my bills on time even if it meant moving money from my savings account. I had a large balance on a card with the worst offender of predatory lending and interest rate increases. I closed the account and determined to get it paid off as soon as possible. In the process I became ill and had to shift income to the task of getting well; as I was incurring medical expenses. I called the creditor and let them know that I had been unemployed for the past year that I had been diligently paying them and needed to discuss a payment option so that I would not fall behind. I asked them to lower my interest rate so my credit rating would not take a hit. In this economy your credit score has been linked to re-enter the job market; so this was a real concern since I was still unemployed and recovering from a major health issue. I was able to get a payoff program that reduced my monthly payment and interest to 5% for a 5 year term. I also have the option to pay this off before the term is up and that is my plan.
ReplyDeleteI contacted a creditor with my situation who told me they could give me 9.9% fixed for 5 years which in that time the card would be paid. She tried processing it and it would not go through but she had no explanation. She kept saying you can speak to a supervisor until eventually I agreed. I went through my situation with the supervisor. Finally she said OK this is what I am going to do give you 0% yes 0% for 5 years which lowered my payment more than the original deal they offered. I almost fell of my chair giving thanks to God!!
ReplyDeleteLadyrab & Jullyc:
ReplyDeleteYour testimonies are powerful encouragement to the ongoing relevance of God's word. Be encouraged. You are encouraging many by your post and saving people...God's people a ton of money.