The Bible makes it clear that being in debt is not God’s best for us. I haven’t found anything to indicate that it is a sin for a Christian to be in debt (unless of course you are disobeying God’s personal instruction for you), but Jesus came to set us free, not make us slaves. Therefore, when Proverbs 22:7 says “the borrower is slave to the lender,” I get the impression that God wants us to be debt-free. We live in a unique time, with unique challenges.
We are inundated with so much advertising and marketing almost everywhere we go. The world is screaming a lot of things, and most of them aren’t in agreement with what God is whispering to us. It is a challenge to live within your means. Especially when you see so many others living way beyond their means and enjoying the fleeting pleasures of the moment. It requires great sacrifice to see long term and to think beyond what our flesh wants right now. Before I tackle the thrust of today’s teaching, I will have you settle these scripture-based issues in your heart:
1. Debt is NOT normal
I am not going to go on a tirade against credit facilities or so many forms of loans all around us right now, but we have got to start understanding that debt is not normal. Just because most of society calls it normal and good does not make it either of those. See Rom 13:8 Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law. KJV
2. Debt is a form of slavery – Economic slavery Every time we enter into lender/borrower agreement we are actually entering into a master/slave agreement. Prov 22:7 The rich rule over the poor, and borrowers are servants to lenders. NCV Just as there is a bondage that comes from being in debt, there is a opposite and equal freedom that comes from being liberated from it. He wants to see us liberated from the slavery of debt more than we do. By doing our part and asking Him for help a lot of power is present to break us out of the bondage of debt.
3. Being Debt-Free isn’t just for us, God wants us to prosper
Whether God wants everyone to be a millionaire, I can not answer. But I do know that he wants all Christians to prosper. Psalm 35:27 …And let them say continually, “The LORD be magnified, Who delights in the prosperity of His servant.” He wants us to thrive and use that which we have been blessed with to bless others. He says, we will lend to many nations and not borrow. In order to lend to others we need to get ourselves in a solid financial situation that will allow it. See Deuteronomy 15:6, 28:12,
IF YOU MUST BORROW THEN, YOU MAY CONSIDER THE FOLLOWING MATTERS:
1. First, stretch yourself – it is not time to live in luxury – Lam 3:27
2. Don’t borrow in such a way to make you unfaithful to God and your family
3. Borrow from sources that would not dishonour the Lord and your faith in Him – it is a sign of curse and servitude to borrow from enemies of the Lord – Deut 28:43-44
4. Develop a payback pattern that would neither hamper nor hurt the basic necessities of life and the family.
5. Be sure you pray and God leads you and allows you to borrow as a last option – See Prov 3: 5-7; Ps 37:5
6. Make borrowing a last resort because the Lord has promised to meet your needs – Ps 23:1; Phil 4:19;
7. Don’t borrow to finance depreciating assets like a vehicle for pleasure and status enhancement. It is a godly virtue to live within your means.
8. It is a personal advice that you do not borrow to start a business, but rather to boost and expand a business
9. It is a personal advice that you don’t borrow to start a building project; you may borrow to hasten or finish it and pack in – see Lk 14: 28-30
10. If you have to borrow, do so from low-interest organizations
11. Do have a plan to pay back immediately