Romans 13:8, “Let no debt remain outstanding, except the continuing debt to love one another, for whoever loves others has fulfilled the law”.
I Timothy 6:10-11, “For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs. But you, man of God, flee from all this, and pursue righteousness, godliness, faith, love, endurance and gentleness.”
We know everything we have belongs to God, and that we simply manage what we’ve been given. So, is it a sin to be in debt? Does this mean we are living outside of God’s will? No! Nowhere in the Bible does it say borrowing money or being in debt is sinful as long as we are earnestly seeking to repay what we owe. What is a sin, though, is reckless spending, purchasing items beyond our means, and loving money or the instant gratification of buying what we don’t need. The Bible is clear about God’s promise of provision and fulfilling our needs. However, we must not confuse our needs with our ‘greeds’! This provision does not mean He will rescue us from the consequences of debt or other unwise behavior. In fact, praying for God to remove the consequences of financial debt is an affront to the fact that Jesus died on the cross to pay our ultimate sin debt—something we don’t deserve! What we do need to pray for is the wisdom, discernment, and guidance to navigate through the consequences of our debt. Good stewards seek God first. Because when we put God first, our choices will align with His mind.
Unfortunately, we can fall into debt, but we cannot fall out of it. To free ourselves from such financial burden, we begin by mapping out our spending and making a budget. Then, we prepare a debt repayment plan and apply the 10-10-80 Principle. This means we bring back the first 10% of our income to God, put at least 10% of every paycheck into savings, and live off the rest (including debt repayment). Another tip is to use cash. It helps to physically see where our money is going. Did you know using credit cards causes us to spend up to 20% more? Finally, it always pays to pray, spend time in the Word, and consult with the One who gave us life and the Giver of every blessing. We must continuously express our appreciation for God’s abounding love and grace. And, remember that we are forever indebted and debt free!
Father God, thank You for Your constant love and provision. Help me to be a wise steward with a spirit of generosity and gratitude. In Jesus’ name, Amen.
Memorize and meditate on Philippians 4:8. “Fix your thoughts on what is true, and honorable, and right, and pure, and lovely, and admirable. Think about things that are excellent and worthy of praise.”