What Does the Bible Say About Getting Out of Debt?

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A person standing in front of a pile of coins and bills

In today’s world, debt has become a prevalent aspect of life. Many people find it nearly impossible to completely avoid it. In fact, it has become a significant source of stress for many. As believers, does the Bible say anything about this common challenge in our modern society? How should we understand debt from a biblical perspective?

Understanding Debt from a Biblical Perspective

The bible does not explicitly forbid the act of borrowing or being in debt. However, it contains several key principles and warnings about the risks and responsibilities associated with it. To understand it fully, we must look at it from two perspectives: the concept of debt in the Bible and the biblical warnings about debt.

The Concept of Debt in the Bible

The Bible mentions debt and borrowing numerous times. For instance, Proverbs 22:7 says, “The rich rule over the poor, and the borrower is slave to the lender.” This suggests that excessive borrowing can lead to a form of bondage, where the debtor loses freedom and control over his or her life.

Moreover, the Bible implies an expectation that a debt will be repaid. Psalm 37:21 states, “The wicked borrow and do not repay, but the righteous give generously.” This underscores the moral obligation to fulfill our financial commitments.

When we delve deeper into the concept of debt in the Bible, we find that it is often associated with financial stewardship. In Matthew 25:14-30, Jesus tells the parable of the talents, where a master entrusts his servants with different amounts of money. The servants who wisely invest and multiply their talents are commended, while the one who buries his talent out of fear is rebuked. This parable highlights the importance of using our resources, including money, wisely and responsibly.

Furthermore, the concept of debt in the Bible is intertwined with the idea of contentment. In 1 Timothy 6:6-10, the apostle Paul writes, “But godliness with contentment is great gain. For we brought nothing into the world, and we can take nothing out of it.” This passage reminds us that true wealth and fulfillment come from godliness and contentment, not from accumulating debt to acquire material possessions.

Biblical Warnings About Debt

The principles and teachings above should already give us pause about taking on unnecessary or excessive debt. But the Bible goes further, offering explicit warnings about the dangers of debt. One of the most significant warnings comes from Proverbs 22:26-27: “Do not be one who shakes hands in pledge or puts up security for debts; if you lack the means to pay, your very bed will be snatched from under you.” This verse clearly emphasizes the perils of debt, particularly when one doesn’t have the means to repay it.

Romans 13:8 also advises, “Owe no one anything, except to love each other…” suggesting that Christians should strive to live debt-free lives as much as possible and focus more on loving one another.

When we examine the biblical warnings about debt, we find that they are rooted in the concern for our well-being and spiritual growth. Debt can often lead to stress, anxiety, and strained relationships. It can distract us from our true purpose and hinder our ability to serve God and others wholeheartedly.

Additionally, the Bible warns against the temptation of materialism and the pursuit of worldly possessions. In Matthew 6:24, Jesus says, “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.” This verse reminds us that our ultimate allegiance should be to God, not to the accumulation of debt or material wealth.

In conclusion, understanding debt from a biblical perspective involves recognizing the potential dangers and risks associated with it, as well as the principles of financial stewardship, contentment, and love for one another. By following these teachings, we can navigate the complexities of debt in a way that aligns with our faith and values.

Biblical Principles for Managing Debt

Beyond understanding the concept of debt from the biblical viewpoint and the warnings around it, the Bible also provides principles for managing debt. These principles centre on the values of honesty in debt repayment and generosity in debt management.

The Importance of Honesty in Debt Repayment

The Bible strongly advocates for honesty and integrity in fulfilling our obligations. This principle applies to our financial responsibilities as well. As discussed in Psalm 37:21, Christians are called to be upright and trustworthy in repaying their debts, not shirking responsibilities or attempting to deceive creditors.

This honesty also means dealing truthfully with ourselves about our debts—acknowledging their reality, not hiding them, and taking active steps towards repayment.

The Role of Generosity in Debt Management

Generosity is another key principle the Bible teaches, and it can have a significant impact on debt management. This might seem paradoxical—after all, if one is in debt, isn’t the problem that they don’t have enough to give away? However, the Bible encourages a spirit of giving even in times of scarcity. Proverbs 11:24 states, “One gives freely, yet grows all the richer; another withholds what he should give, and only suffers want.”

Practicing generosity helps to cultivate a mindset of abundance rather than scarcity, which can have positive effects on our financial management and overall approach to life.

Practical Steps to Get Out of Debt According to the Bible

Having understood the biblical view on debt, it’s important to apply these principles practically in managing and eventually eliminating debt. The Bible’s financial wisdom speaks to creating a budget based on biblical principles and cultivating contentment in our hearts.

Creating a Budget with Biblical Principles

Creating a budget is a practical step that is entirely in step with biblical teachings. Proverbs 27:23 advises us to “be sure you know the condition of your flocks, give careful attention to your herds.” This principle of stewardship, when applied to our personal finances, suggests the importance of keeping track of our income and expenditures, assessing our financial condition, and planning wisely for the future.

With a clear budget, we can ensure resources are allocated appropriately, avoid unnecessary expenses, and set aside money for debt repayment and savings.

The Power of Contentment in Debt Reduction

Contentment plays a crucial role in financial management and debt reduction. The Apostle Paul wrote in Philippians 4:12-13, “I know what it is to be in need, and I know what it is to have plenty. I have learned the secret of being content in any and every situation…” Contentment can help prevent irresponsible spending that can lead to debt.

Furthermore, being content with what we have sets our focus on our blessings rather than our lack, which can reduce the desire to acquire more through borrowing.

Stories from the Bible About Debt

To better illustrate the teachings on debt, the Bible provides us with narratives that depict individuals’ experiences with it. Two of these enlightening stories are the Parable of the Unforgiving Servant and the story of Elisha and the Widow’s Oil.

The Parable of the Unforgiving Servant

Jesus shared the Parable of the Unforgiving Servant in Matthew 18:21-35. This story paints a vivid picture of the concept of debt forgiveness and the moral obligations that come with being forgiven. It underscores the need for mercy and forgiveness, not just in the context of monetary debt but also in the way we handle relationships with others.

Understanding this parable can help Christians view their own debts in a more merciful light and to approach repayment with a spirit of humility and understanding.

Elisha and the Widow’s Oil

The story of Elisha and the Widow’s Oil in 2 Kings 4:1-7 demonstrates God’s providential care for His people even amidst dire financial situations. The widowed woman was in debt and faced the loss of her sons to a creditor. Through the prophet Elisha, God miraculously provided oil she could sell to repay her debt and live off the rest. This account emphasizes that, even in times of financial distress, believers can trust in God’s provision and guidance.

How the Church Can Help with Debt

Finally, the church plays a central role in helping believers manage their debts and find financial stability. Providing financial education and resources for biblical counseling are ways the church can support individuals on their journey toward debt-free living.

The Role of the Church in Financial Education

Knowledge is power, and that includes financial knowledge. The church can serve as an avenue for teaching biblical financial principles, offering courses or seminars that help believers understand money management from a biblical perspective. This financial education can equip individuals with the knowledge they need to avoid or overcome debt.

Moreover, church resources can provide practical tips for budgeting, saving, and investing that align with the teachings of the Bible.

Biblical Counseling for Debt Management

The burden of debt can be heavy, and believers don’t have to carry it alone. The church can offer biblical counseling to help individuals navigate their financial challenges. These counseling services can provide biblical insight into debt management, encouragement, and prayer, fostering a supportive community that aids in the journey towards financial freedom.

The Bible gives us clear principles to overcome the challenge of debt. We are called to handle our resources with wisdom and responsibly fulfill our obligations. We are reminded to trust in the provision of God and the support of our church community. And above all, as we navigate our financial journey, we are taught to love generously and cultivate contentment in our hearts.


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