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Proverbs 6:1-5 – Cosigning Debts

September 6, 2011

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1 My child, be careful about giving a guarantee for somebody else’s loan,
about promising to pay what someone else owes.
2 You might get trapped by what you say;
you might be caught by your own words.
3 My child, if you have done this and are under your neighbor’s control,
here is how to get free.
Don’t be proud. Go to your neighbor
and beg to be free from your promise.
4 Don’t go to sleep
or even rest your eyes,
5 but free yourself like a deer running from a hunter,
like a bird flying away from a trapper. 
– Proverbs 6:1-5 NCV

Among the number of verses about handling money in Proverbs, this bit of advice is the same as every financial planner worth his CFP credentials would give. Never cosign a loan unless you plan to pay it off yourself.

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