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When I was young, I remember shopping for school clothes. With five kids needing clothes, my mother often used a “layaway” program.
We selected the clothes we liked, then she paid a deposit to hold them. From each paycheck, she made payments until we could take our clothes home.
This was a debt-free way to make large purchases, but delayed gratification was required.
In contrast, many people today use their credit card to buy clothes they can’t afford, often resulting in paying 20% interest. But, they experience instant gratification.
Proverbs 25:28 says, “Like a city that is broken into and without walls so is a person who has no self-control over his spirit.” (NASB)
Debt often happens due to lack of self-control. Waiting until you have cash may be better.
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