Going into debt has never been so easy. Credit card offers, low-interest rates, and willing lenders are everywhere. It may be easy to borrow, but is it wise? What does the Bible say about debt?
The Borrower Is Slave To The Lender
Many excuses can be made for going into debt. More times than not, these reasons are wants instead of needs. Regardless of the reasons, the Bible doesn’t speak highly of borrowing money.
(Proverbs 22:7) The rich rule over the poor, and the borrower is slave to the lender.
The wisdom in this Proverb speaks volumes. The bigger house, fancier car, and expensive toys are often hard to enjoy when people are slaves to the many hours on their jobs that are required to pay back the lender. The borrower is truly a slave to the lender.
Keeping Debt To A Minimum
While the Bible does discourage debt, it does not say thou shalt never go into debt or borrow money for any reason. There are times when it is reasonable to do so.
Housing
Housing and transportation fall into the need category for us all. For most people to have a home in today’s world, it would be hard to do so without a loan from a lender. Not many people have the money available to pay cash for a house. The wisdom in this situation is finding a home that easily fits into an individuals monthly budget. The two-story home on 10 acres is a dream that can become a nightmare for those who can’t really afford it. The affordable monthly house note keeps a person from falling into the “slave to the lender” category.
Transportation
The car loan gets many into unnecessary trouble. When it comes to automobiles, way too many people are paying monthly for a want they can’t really afford. Personal experience has taught many it doesn’t do you any good to have a dream ride when you can’t afford to buy gas to go anywhere in it.
Settling for the less expensive dependable ride that allows you to still have money to save and go places makes a lot more sense. This could mean a less expensive new automobile that you plan to drive for many years. Some choose to go with a good used ride that they can pay cash for. Either choice is better than the high-priced dream ride.
Credit Cards
Credit cards aren’t necessarily a bad thing to have if used wisely. Much could be written about the “buy now, pay later” mentality. This kind of thinking has gotten many people way in over their heads in credit card debt. As long as this can be avoided, credit cards can be a convenient way to earn cash back rewards and build good credit. They are also good to have in case of an emergency. A simple rule of thumb, if at can’t be paid off monthly, you probably don’t need it.
If You Borrow, You Must Repay
(Psalm 37:21) The wicked borrow and do not repay, but the righteous give generously;
(Romans 13:8) Let no debt remain outstanding, except the continuing debt to love one another, for whoever loves others has fulfilled the law.
A person who borrows and doesn’t pay it back is called wicked according to the Bible. These strong words from the Scriptures should be a warning to Christians who are tempted to go into debt for unnecessary wants. Unforeseen circumstances such as losing ones job can get you in a bind real fast if you have a lot of debt. If you have created little or no debt, you have little to nothing to repay, regardless of what may come your way.
Debt Should Never Interfere With God’s Plans
God has a plan for our lives. As Christians we should prepare financially for whatever direction God may lead us. Debt has the potential to prevent a person from fulfilling what God has called them to do. Someone who has little to no debt and has applied Biblical principles with their finances has the ability to go and do whatever God ask of them. The slave to the lender isn’t always free to do this.
Having to live paycheck to paycheck while trying to pay back debt isn’t God’s will for our lives. A great alternative to being in debt is saving money to the point that you are able to devote more of your time and resources that you are blessed with toward God’s kingdom.
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