Biblical Answer

The Bible on Debt

The Bible does not explicitly outlaw debt, but it does offer guidance on how to manage 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 if you are unable to pay your debts, it is considered debt.

Christian Perspective on Debt

From a Christian perspective, debt can be seen as a bondage to materialism and a lack of trust in God's provision. Paul, in his letter to the Corinthians, said that he was a debtor to everyone on the face of the earth because of the gospel of Jesus, and that he was free only that he may be an absolute bondservant to Jesus Christ (Romans 1:14). This suggests that true freedom comes not from being debt-free, but from being a servant to God.

Practical Steps to Freedom from Debt

While the Bible does not outlaw debt, it does offer practical advice on how to manage debt responsibly. The Bible encourages us to be content with what we have and to live simply, rather than being burdened by the love of money (Hebrews 13:5). It also reminds us to be good stewards of our finances and to be obedient to God's commands (Romans 13:1). By living within our means and being mindful of our spending, we can take practical steps towards freedom from debt and towards living a life that is pleasing to God. Ultimately, true freedom comes not from being debt-free, but from being a servant to God and living a life that is guided by His principles.