ABOUT WEALTH & POVERTY / DEBT (7)

1. What does the Book of Proverbs say about Wealth versus Poverty and Debt?

a) Surety - Pledging to pay someone else's debt

i) Surety occurs when a person agrees to be responsible and DIRECTLY liable for the debt or obligation of another person. Surety is different than being a guarantor or cosigner for a loan (for example), which would make someone responsible and liable for another person's debt ONLY IF that person does not pay what is owed.

b) 1 My child, have you promised to be responsible for someone else’s debts (also called surety)? 3 Well then, my child, you are in that person’s power, but this is how to get out of it: hurry to him, and beg him to release you. 5 Get out of the trap like a bird or a deer escaping from a hunter. (Proverbs 6:1-5)

c) 15 He who is guarantor for a stranger will surely suffer for it, but he who hates being a guarantor is secure. (Proverbs 11:15)

d) 18 Only someone with no sense would promise to be responsible for someone else’s debts. (Proverbs 17:18)

e) 16 Take his garment when he becomes surety for a stranger; and for foreigners, hold him in pledge. (Proverbs 20:16)

26 Don’t promise to be responsible for someone else’s debts (surety). (Proverbs 22:26)

f) 13 Take his garment when he becomes surety for a stranger; and for an adulterous woman hold him in pledge. (Proverbs 27:13)