The Bible on Debt

2015-12-28

Have you ever thought about what the Bible may say concerning debt? Here are some of my thoughts, and this is by no means exhaustive.

The Debtor is a Servant

The rich ruleth over the poor, and the borrower is servant to the lender. (Proverbs 22:7)

To put it bluntly, being in debt means being a slave to whomever you are in debt. This is horribly bad, especially if that someone is a bank. You may argue that in our culture that things are different, and going into debt is just a part of life. I don’t believe this is the case.

“Oh, credit card debt is the bad debt, but college and buying homes and cars, that is different.” There is some truth in that, but we do not see that distinction Biblically speaking. “So it is sin.” No, not necessarily, though reckless spending and covetousness is, and only you and the Lord know your heart.

I simply state this to say that being debt-free is better than being in debt. If you are in debt, you should seek to get rid of it as quickly as possible. “Art thou called being a servant? care not for it: but if thou mayest be made free, use it rather” (1 Corinthians 7:21). Spend less, and even give less to charity, until you can get out of debt. You want to be free, because you never know what tomorrow holds.

The Only Debt We Ought to Have is Love

We see this as a rule of personal relationships: “Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law” (Romans 13:8). We are in debt to love others, and that is the better way.

Being Debt-Free is a Blessing

When God was blessing Israel, He made sure that they were not in debt: “For the LORD thy God blesseth thee, as he promised thee: and thou shalt lend unto many nations, but thou shalt not borrow; and thou shalt reign over many nations, but they shall not reign over thee” (Deuteronomy 15:6).

If you find yourself in debt, as I did a few years ago, all of your extra money should go to pay it off. As much as you can in this life, avoid debt.