Financial Discipleship - the Bible on DebtНамуна

What the Bible says about debt

While Scripture doesn’t specifically call debt a sin, it strongly discourages it. Remember, God loves us and has given us these principles for our benefit. Read the first portion of Romans 13:8 from several different translations: “Owe no man anything” (KJV). “Let no debt remain outstanding” (NIV). “Pay all your debts” (TLB). “Owe nothing to anyone” (NASB). “Keep out of debt and owe no man anything” (AMPC). Any questions about God’s view of debt?

Here’s why the Lord wants you debt free.

Debt is considered slavery

Proverbs 22:7 reads: “. . . the borrower is slave to the lender” (NIV). When we’re in debt, we’re in bondage to the lender. And the deeper we’re in debt, the more like slaves we become. We don’t have the freedom to decide where to spend our income, because it’s already obligated to meet our debt payments.

In 1 Corinthians 7:23, Paul writes, “You were bought with a price; do not become slaves of people.” Our Father made the ultimate sacrifice by giving His Son, the Lord Jesus Christ, to die for us. And He now wants His children free to serve Him rather than lenders.

Debt was considered a curse

In the Old Testament, being out of debt was one of the promised rewards for obedience.

“If you diligently obey the Lord your God, being careful to do all His commandments which I command you today, the Lord your God will put you high above all the nations of the earth. And all these blessings will come to you . . . You will lend to many nations, but you will not borrow” (Deuteronomy 28:1-2, Deuteronomy 28:12, emphasis added).

On the other hand, debt was listed among the curses for disobedience. “If you do not obey the Lord your God, to be careful to follow all His commandments and His statutes which I am commanding you today, all these curses will come upon you and overtake you . . . The stranger who is among you will rise above you higher and higher, and you will go down lower and lower. He will lend to you, but you will not lend to him; he will be the head, and you will be the tail” (Deuteronomy 28:15, Deuteronomy 28:43-44).

In God’s view, then, being in debt moves you from a head position in life to the tail end!

Debt presumes upon tomorrow

When we get into debt, we’re assuming that we will earn enough in the future to repay it. But can we really assume such a thing? We plan for our jobs to continue or our business to be profitable or our investments to increase in value. The Bible strongly cautions us against such presumption: “You who say, ‘Today or tomorrow, we will go to such and such a city, and spend a year there and engage in business and make a profit.’ Yet you do not know what your life will be like tomorrow. . .Instead, you ought to say, ‘If the Lord wills, we will live and also do this or that’” (James 4:13-15, emphasis added).

Debt may deny God an opportunity

Financial author Ron Blue tells of a young man who wanted to go to seminary to become a missionary. The young man had no money and thought the only way he could afford seminary was to secure a student loan. However, this would have left him with about $80,000 of debt by the time he graduated. He knew a missionary’s salary would never be able to repay that much debt.

After a great deal of prayer, he decided to enroll without the aid of a loan, trusting the Lord to meet his needs. Several years later, he graduated without borrowing anything. Just as important, he had grown in his faith and in his appreciation for how God could provide his needs. This was the most valuable lesson learned in seminary as he prepared for life on the mission field.

(Excerpt taken from Building Your Finances God’s Way Study, Howard Dayton, 2021)