It is said that 77% of Americans have debt.  Many people have multiple credit cards with thousands of dollars in outstanding balances.  In addition to consumer debt, some debts are incurred to pay for college education or large medical bills or other unexpected expenses.  While this is true for people in general, I believe that there are many Christians who also have financial debt. If an individual is unable to pay his debt, he will go into default and he may lose his property.  Even if one is able to handle his debt, the debt may be a great burden or a worry that he carries with him.

While the Bible does not specifically tell you that debt is wrong, I understand that there are several problems with going into debt. Allow me to share with you some reasons to not have financial debt.

First, by going into debt you are assuming that you will be able to pay back the loan.  This presumes upon the future.  You don’t know what the future will hold. James 4:13-16 “Come now, you who say, ‘Today or tomorrow we will go to such and such a city, spend a year there, buy and sell, and make a profit’; whereas you do not know what will happen tomorrow. For what is your life? It is even a vapor that appears for a little time and then vanishes away.  Instead you ought to say, ‘If the Lord wills, we shall live and do this or that.’  But now you boast in your arrogance. All such boasting is evil.”  Since you don’t know what is in the future, you may not be able to pay back the loan; you should not boast that you will repay the loan.

Second, you make yourself a servant to the lender.  Proverbs 22:7 “The rich rules over the poor, and the borrower is servant to the lender.”  When you borrow, you are obligated to the lender to pay him back.  You are not free as you were before.  Many people can attest to the fact that a loan can be a great burden.  1 Corinthians 7:23 “You were bought at a price; do not become slaves of men.” While this verse is talking about becoming a bondservant to another individual, you should not want to become a “slave” to a lender but instead you should want to be free to be a servant to Christ.

Some people go into debt, not for necessities, but for things they desire.  The Apostle John told us not to love the things of the world. 1 John 2:15-16 “Do not love the world or the things in the world. If anyone loves the world, the love of the Father is not in him.  For all that is in the world — the lust of the flesh, the lust of the eyes, and the pride of life — is not of the Father but is of the world.”  Debt may be a result of the lust of the flesh, the lust of the eyes and pride.  Instead, you should be content with less, if that is all that you can afford.  1 Timothy 6:6-10 “Now godliness with contentment is great gain. For we brought nothing into this world, and it is certain we can carry nothing out.  And having food and clothing, with these we shall be content.  But those who desire to be rich fall into temptation and a snare, and into many foolish and harmful lusts which drown men in destruction and perdition.  For the love of money is a root of all kinds of evil, for which some have strayed from the faith in their greediness, and pierced themselves through with many sorrows.”  While most of us have more than food and clothing, the principle is that we should be content with less.  Debt may be a result of a desire to be rich and have possessions like others. Do not go into debt to satisfy your love for the things of this world.

If you are already in debt, I encourage you to seek to free yourself from that burden.  There are financial services in some places that promise to help people get out of debt.  It is beyond the scope of this encouragement to provide help to get out of debt.  But I encourage you to get out of debt and avoid it in the future. If you are thinking about obtaining a loan, I encourage you to let God guide you in this matter, giving consideration to the scriptural principles described above. God is the one who can bless or withhold His blessings.  He can enable you to gain wealth or not (see Deuteronomy 8:17-18).  He can give you wisdom in what you should do.  James 1:5  “If any of you lacks wisdom, let him ask of God, who gives to all liberally and without reproach, and it will be given to him.”  Pray earnestly that God would give you wisdom as to whether or not you should go into debt.

One form of large debt that I have seen is large debt as a result of health issues such as cancer.  In seeking to treat some health issues, individuals have accumulated large debts that they are unable to repay.  The result may be great loss of property and possessions and bankruptcy.  I encourage anyone with a serious health issue to seek wisdom from God before making health care choices that could result in a great financial burden and loss.

You do have a debt that you owe.  That is the debt of love.  Romans 13:8-10 “Owe no one anything except to love one another, for he who loves another has fulfilled the law.  For the commandments, ‘You shall not commit adultery,’ ‘You shall not murder,’ ‘You shall not steal,’ ‘You shall not bear false witness,’ ‘You shall not covet,’ and if there is any other commandment, are all summed up in this saying, namely, ‘You shall love your neighbor as yourself.’   Love does no harm to a neighbor; therefore love is the fulfillment of the law.” Paul, the author of the book of Romans, instructs you to “owe no one anything except to love one another.” You do owe love to others.  The second greatest commandment is to love your neighbor as yourself (Mark 12:31).  This includes love for your fellow Christian, love for your enemy, and love for everyone that you meet as your neighbor.  You owe love to others.

I encourage you to not go into financial debt if you can avoid it.  If you are in debt now, I encourage you to work to free yourself from that debt as soon as you can.  Realize that you have a debt to love others.  Love fulfills the law and pleases your Father in heaven.