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HomeExclusiveWhat Does The Bible Say About Debt Repayment

What Does The Bible Say About Debt Repayment

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God Forbids Credit Card Companies In Israel

God does permit money lending.

But what we know today as the modern practices of credit card companies were ethically forbidden by God.

All throughout the Pentateuch, God gives explicit commands to people about the lending and the Sabbath which makes one point very clear:

You are not allowed to take peoplesâ basic needs because of their debt.

Income is all that one has in America.

It is similar to the ancient âcloak.â

In the Ancient Near East, the “cloak” was a person’s basic resource for shelter from the elements.

The cloak was the most fundamental way of guarding against death through exposure.

This is why God warns borrowers from using their cloaks as collateral ini a loan.

This is also why God tells lenders that it is unethical to keep a borrower’s cloak from them, even if they haven’t paid off their debts.

Monthly income is the modern day “cloak” from homelessness.

Yet, credit companies regularly lay claim to it.

Exodus 22:25-27

âIf you lend money to any of my people with you who is poor, you shall not be like a moneylender to him, and you shall not exact interest from him. If ever you take your neighbor’s cloak in pledge, you shall return it to him before the sun goes down, for that is his only covering, and it is his cloak for his body in what else shall he sleep? And if he cries to me, I will hear, for I am compassionate.”

Leviticus 25:35-37

Deuteronomy 15:2

Deuteronomy 15:6

Deuteronomy 23:20

Psalm 15:1-2, 5

âO Lord, who shall sojourn in your tent?

Practical Tips For Students

Before taking out a loan, consider the following.

1. Are you able, through scholarships, to go to any schools for free ? These schools should take precedence over others that require more money from you.

2. Are there ways you can make money honestly before taking out loans? Extra jobs? Outside scholarships you can apply for?

3. Is going to college really your best option? If you have no idea what career you want to pursue, you may want to work for a year or two and save up money while you decide. Or maybe you do know, but its a career that only needs a certificate or no post-secondary education at all. Theres little sense in going into debt for a degree you dont need.

4. How much of a burden are you putting on your family? Recall 1 Timothy 5:8 above. College can wait. Your family might need you now.

5. Can you realistically pay back your loans? The Bible is clear that we are expected to repay our debts. Many financial advisors suggest taking out no more than your expected starting annual salary.

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Is It Faith Or Presumption

Some have called it faith to go into debt, because they are trusting that God will provide money to repay the debt.

However, we need to be careful with that assumption. God promises to provide for all our needs , so if He has not provided money for whatever you are purchasing, would it not take greater faith to trust Him and wait on His timing ?

When we take on debt, we are presuming upon God

How? We are putting ourselves into debt bondage and presuming upon God to bail us out.

Many times debt reveals a lack of contentment with what He has provided, and ultimately a lack of faith in Gods ability to provide. We arent content with what we have, and want more. Rather than waiting on the Lord to provide , we take matters into our own hands and go into debt.

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Why Is Debt An Issue

At the most fundamental level, debt is borrowing money to pay for something we cannot afford today. Rather than wait and save, we go out and buy something we dont have the money for.

Our culture glorifies debt, encouraging people to go into debt to buy things they cant afford in order to live a certain lifestyle. Our spending is out of control, and so is our debt.

Here are some statistics to consider:

1. The average debt of an American in 2020 is approximately $145,000.

2. According to a January 2020 Bankrate survey, only 41% of Americans could pay an unexpected bill of $1,000 out of savings.

3. Sadly our government is not much better. The US Treasury lists the current debt of the US at $27.5 trillion as of , which breaks down to approximately $83,207 for every person living in the US.

If the bill for our debt came due today, we would not be able to pay it. That is the problem, but is there a solution?

Bible Verses About Saving

What Does the Bible Say About Forgiveness?

Proverbs 21:20 The wise store up choice food and olive oil, but fools gulp theirs down.

Proverbs 21:5 The plans of the diligent lead to profit as surely as haste leads to poverty.

Genesis 41:34-36 Let Pharaoh appoint commissioners over the land to take a fifth of the harvest of Egypt during the seven years of abundance. They should collect all the food of these good years that are coming and store up the grain under the authority of Pharaoh, to be kept in the cities for food. This food should be held in reserve for the country, to be used during the seven years of famine that will come upon Egypt, so that the country may not be ruined by the famine.

1 Corinthians 16:2 On the first day of every week, each one of you should set aside a sum of money in keeping with your income, saving it up, so that when I come no collections will have to be made.

Proverbs 27:12 The prudent see danger and take refuge,but the simple keep going and pay the penalty.

Proverbs 30:24-25 Four things on earth are small, yet they are extremely wise: Ants are creatures of little strength, yet they store up their food in the summer Back to top index

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How Do You Get Out Of Debt Biblically

4 Biblical Principles for Getting Out of Debt

  • Step 1: Pray. But in my distress, I cried out to the LORD yes, I prayed to my God for help.
  • Step 2: Understand your role in getting out of debt. Just as the body is dead without breath, so also faith is dead without good works. (
  • Step 3: Make paying off your debt a priority.
  • Step 4: Dont be greedy.
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    How Do I Get Out Of Debt With No Money

    How To Get Out Of Debt On A Low Income

  • Take stock of your financial situation.
  • After that, you can make a budget using zero-sum budgeting techniques.
  • Look at your biggest expenses and see where you can trim fat.
  • The only way to tackle your debt is to make more than the minimum payments.
  • The best way to approach debt is to tackle one balance at a time.
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    What Are The Biblical Promises About Debt

    The way I look at it, Jesus came to set us free from the bondage of sin. We were slaves to sin, until He set us free. If He wanted to set us free in one area, why would He want us to be slaves in another?

    I also love Deuteronomy 28:12:

    The Lord will open for you His good storehouse, the heavens, to give rain to your land in its season and to bless all the work of your hand and you shall lend to many nations, but you shall not borrow.

    This verse is one of the promises that I stand on when praying about my debt. The prerequisite listed in Deuteronomy 28:1 is that we diligently obey the Lord your God.

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    What Does The Bible Say About Running Away From Debt

    As I’ve often said in my previous articles, debt is a terrible master. It enslaves anybody who gets caught in its grip, especially those who don’t know how to break free and run away from it by paying their debts up.

    In this article, we’ll take a look at one of the wrong things people in debt get tempted to do: run away from it.

    While the Bible does instruct us to free ourselves from debt, it doesn’t tell us to run away from the debt that we should pay. Instead, it tells us what we should do when in debt.

    What the Bible says about borrowing and not paying back

    Borrowing money isn’t wrong in itself, especially if it’s done for the right purposes and with the right intentions.

    While loans do help us in acquiring important things that we need for ourselves and for our families , borrowing money for totally unimportant purposes can lead to financial problems, especially if done carelessly and without the intention to pay back.

    Psalm 37:21 tells us about the kind of people who have no intention to pay back what they owe:

    The wicked borrows and does not repay, but the righteous shows mercy and gives.”

    It will be good for all of us to know that wealth earned the wrong way won’t last. There are some who borrow money and run away from their lenders, thinking that they can benefit without having to suffer paying back. That is wrong. Proverbs 13:11 says,

    Wealth gained by dishonesty will be diminished, but he who gathers by labor will increase.”

    It will come back

    Practical Tips For Parents

    What Does The Bible Say About Forgiveness?

    Weve established its permissible for a Christian to take out student loans. Lets suppose youve decided you want to help your student pay for college. What should you do if tuition costs more than you are able to pay out of pocket?

    As outlined for students below, going into debt should be the last resort after pursuing scholarships, side hustles, saving, etc. Also, the Bible warns against becoming part of the debt of others. One who has no sense shakes hands in pledge and puts up security for a neighbor .

    Passages about generosity are also limited to giving what you have. Nowhere does the Bible instruct us to go into debt for others. However, the Bible also advocates taking care of ones household .

    The above concerns of being able to provide for the rest of your family and being wise with money must come first. If neither of these suffer, it is no sin and can in fact be a great blessing to assist a student, though the student should be doing everything in their power to pay their own way first .

    However, the Bible often reminds lenders to assume that borrowers will not repay . Assume you will have to pay it back and be pleasantly surprised when the student repays you. Do you have the funds to pay back the debt yourself?

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    What Does God Say About Struggling

    Joshua 1:9 Be strong and courageous do not be frightened or dismayed, for the Lord your God is with you wherever you go. Deuteronomy 31:6,8 Be strong and bold have no fear or dread of them, because it is the Lord your God who goes before you. He will be with you he will not fail you or forsake you.

    Bible Verses About Putting Your Hope In Your Wealth

    Matthew 6:24 No one can serve two masters. Either he will hate the one and love the other, or he will be devoted to the one and despise the other. You cannot serve both God and Money.

    Matthew 19:21-26 Jesus answered, If you want to be perfect, go, sell your possessions and give to the poor, and you will have treasure in heaven. Then come, follow me. When the young man heard this, he went away sad, because he had great wealth. Then Jesus said to his disciples, I tell you the truth, it is hard for a rich man to enter the kingdom of heaven. 24Again I tell you, it is easier for a camel to go through the eye of a needle than for a rich man to enter the kingdom of God. When the disciples heard this, they were greatly astonished and asked, Who then can be saved? Jesus looked at them and said, With man this is impossible, but with God all things are possible. Peter answered him, We have left everything to follow you! What then will there be for us? Jesus said to them, I tell you the truth, at the renewal of all things, when the Son of Man sits on his glorious throne, you who have followed me will also sit on twelve thrones, judging the twelve tribes of Israel. And everyone who has left houses or brothers or sisters or father or mother or children or fields for my sake will receive a hundred times as much and will inherit eternal life. But many who are first will be last, and many who are last will be first

    Psalm 62:10 ..if riches increase, do not set your heart on them

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