Credit: beyond predator and prey
As we listen to God more closely, we make wiser decisions.
from the July 11, 2007 edition
Page 1 of 2
Predatory lending is headline news right now, as high-interest home loans fail and people struggle with snowballing credit-card debt.
The book "Maxed Out" by James Scurlock details some of these challenges and explains how society has made the journey from post-Depression financial caution to the modern credit crunch.
In his witty and engaging account, Mr. Scurlock discusses how easy it is to get loans today and how difficult it can be for the consumer to fully grasp the terms of the financial obligation. Essentially, he thinks of most lenders as predators and most borrowers as prey. He advocates modifications to our financial system.
Of course, it's important to deal with such problems head-on, and Scurlock's work does that effectively. But permanent changes of any sort, whether systemic or individual, require more than a mere policy change. To endure, they require a lasting shift of thought.
What makes people improve their patterns of behavior? What brings new balance to existing institutions? Only a sincere desire to align more closely to qualities such as honesty, balance, and discipline. Without that foundation, even the most well-intentioned alterations rarely succeed.
Honesty prompts us to take a deeper look at ourselves and our motivation. In my financial life, that includes taking a clearer look at what I'm spending money on and why. Do I need that new cellphone or car or whatever enough to borrow for it, or am I getting sidetracked from a reasonable spending plan?
I find the Bible offers practical insights into decisions like this.
Here's an idea I like from the book of Micah. It gives me a short checklist of what is truly valuable. "He hath shewed thee, O man, what is good; and what doth the Lord require of thee, but to do justly, and to love mercy, and to walk humbly with thy God?" (6:8)
Running through the list that includes justice, mercy, and humility, I can evaluate whether the purchase I'm contemplating will forward my individual expression of those characteristics.
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