Biblical Answer

Understanding Debt in the Bible

The Bible does not explicitly outlaw debt, but it does emphasize the importance of living within one's means and being responsible with finances. According to financial adviser Larry Burkett, the scriptural definition of debt is the inability to meet obligations agreed upon. This means that debt is not inherently sinful, but rather a result of poor financial management. However, the Bible does warn against accumulating debt, particularly through excessive spending and credit card use. Proverbs 22:7 states, "The rich rule over the poor, and the borrower is slave to the lender."

The Dangers of Debt

Debt can be a significant source of stress and anxiety, and can even lead to moral bankruptcy. When individuals accumulate debt, they may feel overwhelmed and powerless to change their situation. This can lead to feelings of desperation and hopelessness, which can be a slippery slope towards making poor financial decisions. Furthermore, debt can create an unhealthy dependence on credit and material possessions, rather than relying on God's provision and guidance. As Jesus teaches in Matthew 6:24, "No one can serve two masters. Either you will hate the one and love the other, or you will be devoted to the one and despise the other. You cannot serve both God and money."

Seeking Freedom from Debt

While the Bible does not promise to make us debt-free in this life, it does offer a way to break free from the cycle of debt and financial stress. By living within our means, being responsible with finances, and relying on God's provision, we can develop a healthier relationship with money and material possessions. As Paul writes in Romans 13:8, "Let no debt remain outstanding, except the continuing debt to love one another, for whoever loves others has fulfilled the law." By prioritizing love and obedience to God, we can seek freedom from debt and live a life that reflects our values and faith. Ultimately, our goal should be to live a life that is debt-free, not just financially, but also spiritually, as we seek to love and serve God with all our heart, soul, mind, and strength.