FINANCIAL - COSIGNING
Scripture Reading - Proverbs 6:1-5 ERV
1 My son, don't make yourself responsible for the debts of others. Don't make such deals with friends or strangers.
2 If you do, your words will trap you.
3 You will be under the power of other people, so you must go and free yourself. Beg them to free you from that debt.
4 Don't wait to rest or sleep.
5 Escape from that trap like a deer running from a hunter. Free yourself like a bird flying from a trap.
In today’s society many people have no problem at all signing their name on the behalf of another’s debt. The major problem is not at the initial signing but rather after the other person refuses to pay the debt owed. When we read these scriptures in the Easy-to-Read Version (ERV) it is rather obvious that signing your name to the debt of another is not wise. Remember that it is not God’s Perfect Will for His beloved children to have to borrow money for their needs. The Lord clearly reveals that His Will for us is prosperity so that we would have no need to borrow. Thinking of Deuteronomy 15:6 God’s promise to the nation of Israel is that they would lend unto many nations and they should not borrow. Every nation is only as strong as its citizens so we can conclude that God’s Will is for all families and individuals to prosper to place of not needing to borrow. Since we can understand that God doesn’t want you to borrow how much less would He approve of you signing your name for someone else to borrow money. We (ihlcc) do not believe it is a sin to borrow money but it is not God’s perfect will. Most honest people would agree that if they had enough money to pay for everything they needed and/or wanted they would not borrow. Why would you pay money (interest) to use someone else’s money when you have your own money in abundance. The borrower is the servant to the lender according to Proverbs 22:7 just like the rich rules over the poor. As these scriptures state, “don’t make such an agreement with strangers or friends, and we might add even family members”. This business of signing your name for the debt of another has hurt many relationships in the Kingdom of God even to the point of no future communication (broken fellowship). Verse two states it was your own words (decision, signature) that hurt you by holding you to a future promise with no scriptural foundation. Therefore, you must try to revoke your promise by asking for debt forgiveness. Today, the note could be with the bank and the bank as a stranger may generally so, “No, you must pay the debt”. Then you will be upset with the original signer of the debt and the bank. Why, bring this hardship upon yourself and, God forbid, your other family members. If the money to pay the debt reaches into the pockets of those innocent family members by taking away from their needs, you have hurt your own close love ones too. So be wise, don’t wait (hesitate) to say, “No” to all people asking you to “cosign”. Yes, be bold and bright by applying the Word of God to your everyday life when it comes to the subject of finances. The wisdom to avoid “cosigning” will help establish your spending in line with God’s Word and keep you from making foolish promises about an uncertain future for yourself and another. Amen!