Question

Select any one chapter from Business by the Book by Larry Burkett. White a paper of 200-400 words explaining the topics covered with a Christian application

Answer 1

"Borrowing Decisions" chapter 15 from "Business by the book" by Larry Burkett explains that borrowing is not prohibited scripturally, but neither is it encouraged. There are three fundamental scriptural principles related to borrowing :

1. Avoid Borrowing Unless Absolutely Necessary.

2. Avoid Signing Surety on a Loan.

3. Avoid Long-Term Debt.

Avoid Borrowing Unless Absolutely Necessary

Borrowing money to expand business may be logical decision but expanding borrowing practices to a vulnerable limits is never advisable. And it has been observed that a typical Christian businessperson is as deeply in debt as the typical non-Christian. Neither one has any real goal for being debt free, and consequently both are totally vulnerable to any downturn in the economy. Initially while at the growing phase, businessmen are pretty confidant that they will be able to pay off the debts on time but fail to do so due to any unpredictable downturn in the economy. This results in complete destruction of entire business set up.

So Larry Burkett tries to explain what God's Word tells us free of charge: "For while you are going with your opponent to appear before the magistrate, on your way there make an effort to settle with him, in order that he may not drag you before the judge, and the judge turn you over to the constable, and the constable throw you into prison. I say to you, you shall not get out of there until you have paid the very last cent" (Luke 12:58-59).

Avoid Signing Surety on a Loan

In Biblical times it was not unusual for borrowers to pledge their only asset of any value—themselves—as guarantee to repay a loan. If the borrowers failed to pay according to the agreed-upon terms, they forfeited their freedom. Today debtors are no longer put in prison for failure to repay a debt, but the creditors still have a right to collect their money or to recover whatever property has been pledged as surety (collateral). Most people who sign personal surety on the debts they incur, don't consciously realize that if they can't make the repayments and lender companies foreclose and sell the collateral at a loss (less than the outstanding debt), the companies can sue the buyers for the deficiency.

Avoid Long-Term Debt

Taking long term loans for huge amounts can ultimately turn into complete devastation as future economic atmosphere is not in the control of anyone, be it an individual, an institution or a country. God created the year of remission discussed in Deuteronomy 15 for a logical reason. If one stays in debt long enough, he/she will get wiped out.  You must repay what you owe. There is no option for the Christian when it comes to repaying a debt. Since the law no longer imprisons those who default on their debts, we tend to downgrade this as a sin. But the Scripture is very clear when it equates the breaking of a promise (vow) with sinning. The Bible describes the person who does not repay debts as being an evil person: "The wicked borrows and does not pay back, but the righteous is gracious and gives" (Psalm 37:21).