Debt is a national crisis. America’s national debt is approaching 19 trillion dollars. Can you even fathom that number? Hundreds, thousands, millions, billions and now trillions. When you start talking about a debt that large, how could anyone ever repay it? Debt is a necessary evil in our society today. Government regulations have driven the prices of consumer products up so high that the only way to afford something is by taking out a loan. Home ownership is so expensive that banks write loans for 30 years. Cars are so expensive that dealers offer no money up front, low-interest and loans of five years or more.
How did we get into a cycle of borrowing so much money? The Bible does give us guidance on the subject of debt and borrowing. There are many verses on the topic in fact. Here are a few of the Bible verses that come to my mind about debt and borrowing.
Psalm 37:21 “The wicked borrows but does not pay back, but the righteous is generous and gives.”
Proverbs 22:7 “The rich rules over the poor, and the borrower is the slave of the lender.”
Romans 13:7 “Pay to all what is owed to them: taxes to whom taxes are owed, revenue to whom revenue is owed, respect to whom respect is owed, honor to whom honor is owed.”
Are we a slave to our debt?
According to Proverbs 22:7 yes we are a slave to our lender. When we owe someone, we are told to repay them in full. When we are indebted to a creditor, they control our finances because we owe them money. We agree to pay our lender according to the terms of our agreement. When we default on our agreement, it goes against Biblical teachings.
What the Bible says about finances is to be free from lenders. If we are debt free and fall on hard times, we are not beholden to anyone. Living life without debt gives us more money to use for Gods kingdom. Paying for things with the money we have instead of borrowing money gives us freedom unlike anything else. We regain control of our lives and do not feel like we are beholden to anyone.
Check out some financial tips from Dave Ramsey here. Dave offers a perfect place to start your road to financial freedom. A lot of churches offer financial literacy classes from Dave Ramsey. There are a lot of useful tips in these seminars if you find yourself struggling financially.