What Does the Bible Say About

What Does the Bible Say About

“Dangers of Debt”

Categories: Budgeting, Debt, Finances, Money

Dangers of Debt

Proverbs 22:7 "The rich rules over the poor, and the borrower is slave of the lender."

Biblical Warnings on Debt

  • It is slavery! (Proverbs 22:7).
    • We cry over the evils of slavery in our country, and certainly great evils were committed.
    • The Bible is full of debt / slavery passages (2 Kings 4:1-7; Matt. 18:23-35; Luke 7:40-43; Neh. 5:1-5).
    • But we voluntarily submit ourselves to slavery by continuing to pay for things when we don’t have the money at the time.
      • Slaves to the car payment.
      • Slaves to the MasterCard, Best Buy, Sears, J.C. Penny, Kohl’s.
    • Romans 6:16 – Do you not know that to whom you present yourselves slaves to obey, you are that one's slaves whom you obey, whether of sin leading to death, or of obedience leading to righteousness?
  • “Sell the oil and pay your debt, and you and your sons live on the rest” (2 Kings 4:7).
    • This gives us the divine order.
    • It’s not live, and then pay the debt.
    • It’s pay the debt, and then live!
    • Pay your debt, don’t run away from it (Psalm 37:21).
  • Do not become surety for someone else’s debt.
    • Prov. 6:1-5 – Deliver yourself like a gazelle from the hand of the hunter…
    • Prov. 11:15 – He who is surety for a stranger will suffer for it, but one who hates being surety is secure.
    • Prov. 17:18 – One who lacks sense gives a pledge and puts up security in the presence of his neighbor.
    • Prov. 22:26-27 – Do not be one of those who shakes hands in a pledge, one of those who is surety for debts; if you have nothing with which to pay, why should he take away your bed from under you?

What are the spiritual consequences of debt?

  • Entangled (2 Timothy 2:4) and choked with the cares of this life (Luke 8:14).
    • Where your treasure is, there your “heart” will be also (Matthew 6:19-21).
  • A lack of ability to help serve in the kingdom of Jesus Christ because our finances are locked up in debt and our time is locked up finding ways to pay it off.
  • Slavery to the world, unequally yoked with unbelievers (2 Cor. 6:14-18).
    • We usually hear this passage applied to marriage.
    • Have we ever thought about applying this passage to debt?
    • When we join ourselves into yokes of financial slavery with unbelievers, it will harm our effectiveness in the kingdom’s work.
  • Strain on the marriage.
  • Why do people have 2nd and 3rd jobs, and work hours and hours of overtime?
    • Many times it is the debt!
    • So we send ourselves and our spouses into slavery because we keep wanting!
    • The Biblically defined purpose of work is:
      • To provide for necessities and feed the household (Gen. 3:19; 1 Tim. 5:8)
      • To help those in need (Eph. 4:28; Acts 20:33-35)
      • To assist the preaching of the gospel (Gal. 6:6; 1 Cor. 9:9-14; 1 Tim. 5:17-18)
      • To have a little enjoyment and rest from our labors (Eccl. 3:12-13).
    • How much of your paycheck is going to debt?  Who is your master?
  • Freedom is not truly experienced (Gal. 5:13).
  • The things we have purchased with debt are not fully enjoyed because we keep making the payments.
    • What if that car was yours free and clear?
    • What if that vacation was paid for with cash?
    • What if that TV is yours, and you got a sweet deal because you paid with cash?