Wise Saying #3:
“Don’t be one of those who enter agreements, who put up security for loans. If you have no money to pay, even your bed will be taken from under you.” (Proverbs 22:26-27 HCSB)
The Wiseman’s risk-management advice is just as practical today as it was three-thousand years ago. The folly here is making one’s self financially responsible for another’s debts by pledging to pay if they default on the loan. There’s a temptation in humans to “help out” a child, a family member, or friend by co-signing for a car or some other kind of loan. Yet, wisdom recognizes that in nearly all these cases putting up security is ultimately disastrous both parties involved. Therefore, more than once, the Proverbalist counsels against making this kind of agreement, no matter how altruistic it maybe (cf. 6:1-5; 11:15; 17:18; 27:13). With so many warnings against such an arrangement, we would do well to avoid at all cost co-signing for anyone, least we become “slave to the lender” (22:7) and unmercifully loss our possessions.
This week’s theme: The Thirty Sayings of the Wiseman