Biblical Answer

The Biblical Perspective on Debt

The Bible does not outlaw all debt, but it does provide guidance on managing debt responsibly. According to Larry Burkett, a financial adviser, the scriptural definition of debt is the inability to meet obligations agreed upon. This means that debt is not inherently sinful, but rather a failure to fulfill one's commitments. In fact, the Bible teaches that it is better to borrow and pay back with interest than to fail to pay back at all (Proverbs 22:7).

Avoiding Bankruptcy

To avoid bankruptcy, it is essential to manage debt responsibly. This involves creating a budget, sticking to it, and making timely payments on debts. It also means being mindful of credit and debit card offers and avoiding overspending. By taking these steps, individuals can avoid accumulating debt and prevent the need for bankruptcy. Furthermore, the Bible teaches that we should render all due obedience to civil authorities, including paying our debts (Romans 13:1-7). This means that we should work hard to meet our financial obligations and avoid putting our creditors in a difficult position.

The Importance of Integrity

In the Bible, debt is often seen as a matter of integrity. When we fail to pay back our debts, we are not only hurting our creditors, but also ourselves. The Bible teaches that we will have to answer to God for our financial decisions, and that our failure to pay back our debts can lead to judgment and consequences (Proverbs 22:7). Therefore, it is essential to approach debt with integrity and make a commitment to pay back our debts in a timely and responsible manner. By doing so, we can avoid the need for bankruptcy and maintain a good relationship with our creditors. Ultimately, the Bible teaches that our one continuing debt should be the debt of love, and that we should strive to live in a way that reflects this principle (Romans 13:8).