New Venture Lab: Equipping Christian Entrepreneurs

There was an interesting story in the newspaper yesterday titled "Till Debt Do Us Part."  As Christians, we should take seriously the scripture that warns against the bondage of debt, but now fresh research also shows what most of knew anyway, that debt also curses marriages:

The decision to enter into matrimony is one of the most momentous choices anyone can make.

Matt and Tina Bolding, who have been married for 17 years, came up with a set of principles early on to guide their financial decisions -- including living below their means and taking on debt only when necessary. So is the decision to go into debt.

Going into debt when you're married, then, is very serious business.

Surveys show money troubles -- read: high credit card balances -- are one of the leading causes of divorce. And debt can be especially troublesome if one spouse is amassing it behind the other's back.

"We think the only way that we can break the fidelity bond that we have with our spouse is by committing adultery," says Janet Brumley, family law attorney at Verner & Brumley in Dallas. "We can break it a thousand different ways, and one of those ways is by acting single in the financial arena, by creating debt, by spending money as though we have no one else to think about but ourselves."

One spouse's debt troubles can affect the other.

Credit reports are compiled on individuals, not couples, and if a couple shares a joint credit account, they share equal responsibility for ensuring that payments are made.

"Debt really has an impact," Ms. Brumley says. "Debt is shackles, and you are also shackling your spouse."

As we prepare for entrepreneurship, we would all do well to resist the urge to borrow or submit to debt bondage.

To access the full story, click here