How I Free Myself of the Bondage of Debt

It has been said that credit is the lifeblood of a business. This is what I learned while I was taking up commerce course in college. And I have learned this when I started working with the bank, that lending or banking institution has grown up in leaps and bounds in terms of capital and net worth because of its credit facility extended to their clients.



As a bank employee, I was in-charged of processing the needed documents of the borrowers for their loan application either in agricultural, commercial, or personal. What is required from them for the loan is their capacity to pay, their collateral, and their character. In the first period of their repayment of their loan, borrowers are the good payer. They are always paying their loans on time. However, as they remained and extended their loans to several years, they started to delay their payments. In short, they became delinquent in their repayment schedule. Those who had collateral to secure their loan were in losing end. Their real properties offered for collateral were foreclosed. Others who refused to settle their outstanding loan repayment were charged in court.

What the bank is doing to relieve those who wanted to settle their loans with no money to pay. Their loans were restructured and eventually incurred an increase of their line of credit. The interest was added to their original loan. In the long run, they got hooked and were unable to get out from it. Eventually, they absconded their financial liability in the bank, which is the worst thing to happen.

Possible causes

In delaying their repayments, the borrowers have the personal commitment or actuation of the non-compliance of their loan amortization. It is their personal intention to procrastinate it.

Another cause is the crop failure due to force majeure or brought about the natural calamities. It could also be the losing or dissolution of their business venture due to market pressure or competition.

Another is sub-leasing their farm or business franchise to their fellow farmers or business associates or even to the member of their family.

Some are risk takers to improve their source of livelihood. Their business has already been improving and it needs a bigger capital for expansion. They have to increase their line of credit. If the bank couldn’t increase it, they have look for some sources. As a result, they have many banking institutions to attain to and they couldn’t make it.

Possible Solutions

In the bank, we have the loan restructuring of the borrowers. They have renewed their loan, but it is increased to a considerable amount, sufficient to repay their outstanding loan.

The bank has no other recourse to get a repayment from the borrower rather the foreclosure of property for big loans which require collateral of properties.

The bank has its own farm technician to supervise the farm of the borrowers. Once the loan is not repaid due to illness or whatever, the bank would have to take over the farm until the produce is enough to settle the loan. The farm is giving back to the owner/farmer.

This is court litigation by filing a case against the delinquent borrowers who willfully neglecting his financial obligation to the bank after several negotiations and considerations undertaken. If the court finds the borrowers guilty, they have to pay a certain amount for litigation fees. Their properties would be taken by the bank and offered for sale. And they have to stay in jail.

There are loans that don’t require collateral. Only a good standing 2 co-makers can vouch for the character or integrity of the borrower and his capacity to pay.

Best Solution

This could be a workable solution based on my personal experience, that is, to give to the Lord what is due to the Lord in paying tithes and offerings. It sounds difficult but yet possible. I have proven this by myself.

I am referring to the 3rd chapter of the Book of Malachi, 10th verse says, “Bring all the tithes into the storehouse…. and prove me now herewith, saith the Lord of hosts, if I will not open you the windows of heaven, and pour you out a blessing; there shall not be room enough to receive it.” (KJV)

The blessings I receive in obeying the Law of Tithing are immeasurable. I know it the surest way to get out from the captivity of debt. It takes faith and obedience.



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  • Comments

    1. Profile photo of Andria Perry
      Andria Perry

      I am debt free. I refuse to own a credit card. I have never has a bank loan but when I need a loan I was turned down because I always saved my money and paid cash or paid payments with the business itself.

      you`re right, god will bless us all.

      1. Profile photo of Andria Perry
        Andria Perry

        its not luck, it is just saying no to paying interest on loans and credit cards. Its about making do with what you have till you can do better.

        Ask for blessings from God, he will send them! 🙂

      1. Profile photo of Gil Camporazo
        Gil Camporazo Post author

        Well, that is how you look at it. Debt has no amount but it is a responsibility to settle it for good or else you may lose the trust and respect of your fellow.

    2. Profile photo of Gil Camporazo
      Gil Camporazo Post author

      Temporal and spiritual, I was relieved of the burden imposed on incurring debts and loans for my personal and family use or purpose. Prayerfully, I have considered and applied what the Bible says on paying of tithing and I was indeed very grateful to the Lord for the blessings He showered upon me and my family.

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