Biblical Answer

Understanding Debt from a Biblical Perspective

Debt is a reality that many people face in their lives. However, the Bible does not explicitly outlaw debt, but rather emphasizes the importance of living a life free from the love of money and being content with what we have. According to Larry Burkett, a financial adviser, debt is defined as the inability to meet obligations agreed upon. This means that if you owe money for goods or services, or if the value of your unsecured liabilities exceeds your total assets, you are in debt.

From a biblical perspective, debt can be seen as a form of bondage. Paul, in his letter to the Philippians, refers to himself as a debtor to everyone on the face of the earth because of the gospel of Jesus. He is free only that he may be an absolute bondservant to Jesus Christ. This highlights the idea that our true freedom comes not from being debt-free, but from being free in Christ. As Jesus says, "If you cling to life, you will lose it; but if you give up your life for my sake, you will find it" (Matthew 10:39).

In terms of managing debt, the Bible emphasizes the importance of living a life of contentment and obedience to God. As Paul writes in Hebrews 13:5, "Never will I leave you, never will I forsake you." This promise is a reminder that our true security and freedom come from God, not from our financial situation. Therefore, our focus should not be on accumulating wealth or avoiding debt, but on living a life that reflects our love for God and our neighbors. As the Bible says, "Let your one continuing debt be the debt of love" (Romans 13:8). By prioritizing love and obedience to God, we can find true freedom and contentment, even in the midst of financial challenges.