BY MBONO MDLULI
MBABANE – Minister of Finance, Neal Rijkenberg, has cautioned Emaswati about accumulating unnecessary household debts.
Rijkenberg stated that the high level of family dues in the country was not a positive development, as it could lead to dangerous consequences. “That is not healthy and even the Bible does talk about a person borrowing money usually ending up being a slave to the person lending the money,” the minister remarked.
The Bible verse he talked about was Proverbs 22:7, which states, “The rich rule over the poor, and the borrower is slave to the lender,” and Romans 13:8, which says, “Owe nothing to anyone, except to love one another.” Below are Bible verses warning about debt, according to various online sources:
- Proverbs 22:7:
“The rich rule over the poor, and the borrower is slave to the lender.” This verse highlights the potential for debt to create a power imbalance, where the borrower becomes dependent on the lender.
- Proverbs 22:26-27:
“Do not be one who shakes hands in pledge or puts up security for debts; if you lack the means to pay, your very bed will be snatched from under you.” This verse warns against becoming a guarantor for someone else’s debt, as it can lead to financial ruin if the other person defaults.
- Romans 13:8:
“Owe nothing to anyone, except to love one another, for the one who loves another has fulfilled the law.” This verse suggests that we should strive to be debt-free, except for the obligation to love and serve others.
- Deuteronomy 15:1-2:
“At the end of every seven years you shall grant a release. And this is the manner of the release: Every creditor who lends anything to his neighbor shall release it; he shall not exact it of his neighbor or his brother, because the Lord’s decree is proclaimed upon it.” This verse outlines a system of debt release in ancient Israel, emphasizing the importance of forgiveness and compassion in dealing with debt.
- Psalm 37:21:
“The wicked borrows but does not pay back, but the righteous is generous and gives.” This verse contrasts the behavior of the wicked who fail to repay debts with the generosity of the righteous, suggesting that repaying debts is an act of righteousness.
- Matthew 6:12:
“And forgive us our debts, as we also have forgiven our debtors.” This verse, part of the Lord’s Prayer, emphasizes the importance of forgiveness, both from God and from others, in dealing with debt.
- Luke 16:10:
“If you are not trustworthy in handling the unrighteous wealth, who will trust you with the true riches?” This verse highlights the importance of being responsible with money and resources, including avoiding unnecessary debt.
The minister acknowledged that the country’s government-level debt was beginning to be controlled at a reasonable level, as commended by institutions such as the International Monetary Fund (IMF) and the World Bank. However, he expressed concern that Emaswati households were still struggling with high levels of debt.
Rijkenberg’s warning came a day after the House of Assembly Speaker, Jabulani Mabuza, pleaded with him to be consistent in addressing the dangers of debt to Emaswati. Mabuza made this appeal during the 2024/25 annual performance debate for the Ministry of Finance, held at the Senate. The speaker observed that more Emaswati had a tendency to put themselves in unnecessary debt, causing emotional turmoil in their households.
The minister agreed with the speaker, stating that this time of the year was particularly challenging, as everyone was experiencing financial stress, especially with schools just reopening. Rijkenberg urged Emaswati to be cautious with their money, recalling the advice he had issued in December, when most people were expected to receive their 13th cheques. “He hoped that people had listened to the advices he issued in December, when most people were supposed to get their 13th cheques.”