Surety and Get-Rich-Quick Schemes
The Bible is very clear that God does not want His children to become
responsible for the debt obligations of others. In the book of Proverbs, the
Lord has warned us against surety—that is, cosigning or being guarantor
for another person.
Read Proverbs 6:1–5, Proverbs 17:18, and Proverbs 22:26. What is the
message here?
Surety usually occurs when a person with poor credit seeks a loan
from a lending institution and does not qualify for the loan. The loan
officer will tell the unqualified person that if he or she will get a friend
with good credit to cosign with him or her, then the bank will grant the
loan and hold the cosigner responsible in the event of a default.
Sometimes a fellow church member will come to you and ask you
to cosign. Your response should be: “The Bible says I should never do
that.” Please understand that the Bible encourages us to be helpful to
those in need, but we should not become responsible for their debts.
Parents are sometimes asked by teenagers to cosign for the purchase
of their first car. Or older adult children will ask parents to cosign for a
business loan. The same answer applies. It is appropriate to help others
if there is a real need, but do not become surety for the debts of others.
Studies show that 75 percent of those who cosigned end up making the
payments!
Read Proverbs 28:20 and 1 Timothy 6:9, 10. What’s the warning here?
Get-rich-quick schemes are another financial trap; they are almost
guaranteed to lead to financial ruin for those who get caught up in
them. When it sounds too good to be true, it surely is. Many people are
hurt emotionally and financially. An additional tragedy with these devi-
ous plans is that, in many cases, individuals have had to borrow money
to become involved in them in the first place. Many lives and families
have been ruined by get-rich-quick schemes that end up enriching only
the con artists who devise them at the expense of those who fall into
their trap. When a friend, or even a loved one, tries to pull you into one
of these schemes, run. Don’t walk. Run—as fast as you can.
