Biblical Answer

Managing Business Debt from a Biblical Perspective

As Christians, we must recognize that our financial decisions have spiritual implications. The Bible teaches us to render all due obedience to the civil authorities (Romans 13:1-7), which includes paying our debts in a timely manner. In fact, God warns that failure to pay our debts can lead to severe consequences, including financial ruin and even spiritual judgment (Proverbs 22:7). Therefore, it's essential to approach debt management with a sense of urgency and responsibility.

To manage business debt effectively, we must first acknowledge the scriptural definition of debt as the inability to meet obligations agreed upon (Proverbs 22:7). In this sense, debt is not inherently evil, but rather a symptom of a deeper issue, such as poor financial planning or overspending. As stewards of God's resources, we must prioritize wise financial management, creating a budget that accounts for all expenses and income. This includes setting aside a portion for savings, giving, and debt repayment. We must also be willing to negotiate with creditors to establish a reasonable payment plan or seek assistance from a financial advisor if needed.

Ultimately, our goal as Christians is to live free from burdensome debt, recognizing that financial struggles can be a source of spiritual bondage (2 Peter 2:19). By acknowledging our financial weaknesses and seeking God's guidance, we can develop a plan to manage our debt and avoid future financial pitfalls. As we walk in obedience to God's principles, we can experience freedom from debt and live a life that honors Him. In the words of Larry Burkett, "The scriptural definition of debt is the inability to meet obligations agreed upon. In other words, debt is not about money; it's about integrity, responsibility, and obedience to God's principles." By prioritizing these values, we can navigate the complexities of business debt with confidence and faith.