Australians racked up $16 billion on credit cards in May. Many will meet their interest-free 55-day period, but many others will find themselves drawn towards minimum payments that camouflage a downward debt-spiral.

We can build wealth by borrowing to secure for assets that build equity growth, especially if terms allow for extra principal repayments to reduce interest factors and shorten the loan period. But borrowing for consumables that only lose their value is highly dangerous.

Easy credit looks terrific for anyone under financial pressure, but debts have to be repaid eventually. And bonus schemes only compound the problem if they encourage increased debts instead of recognising debt repayments.

The Old Testament character Esau sadly parallels credit’s unhealthy side. One day when he came home starving because his hunting skills failed him, he found himself at his scheming younger brother Jacob’s mercy.

Jacob willingly gave him some hot lentils he’d been cooking – at the bargain price of Esau’s birthright! For a bowl of stew, Esau discarded his authority as heir to mould the character and destiny of his family’s future.

His story more than warns about shopping for food if we’re hungry; it speaks of valuing each day’s progress towards our future, for our decisions and values will shape our children and grandchildren’s security and freedom.

And knowing that “debtors are lenders’ slaves,” Jesus targeted freedom from debts within the Lord’s Prayer, so he may guide us into using our money for security, grace and generosity instead having it control us.

Isn’t that Good News!

Noel Mitaxa

Colac Baptist Church,

July 2006