The Bible clearly promotes debt free living as wise and liberating.
Proverbs 22:7 (NRSV) The rich rule over the poor, and the borrower is slave to the lender
Debt is an obligation or liability to pay or render something to someone else. It is something owed such as money, goods, or services. Debt and the mishandling of finances are a major problem in the United States. Bankruptcies and foreclosures are presently at an all time high. Unfortunately, debt free living is not a common lifestyle in America.
Many people will agree that money problems cause stress and even depression. Financial issues are the number one source of disputes and breakups among married couples. Some Americans do handle borrowed funds responsibly (A November 2022 LendingTree survey found that 35% of cardholders say they always pay their credit card balance in full every month). Unfortunately, many more have been deceived by the false illusion of wealth created by living on credit cards. On average, you can live on credit cards for five years before you will reap the negative consequences of the debt you have sown. How close you are to your credit limit is the gauge you should use to measure how vulnerable (and broke) you really are! Credit makes you believe you are doing better financially than you actually are. You cannot live above your means and not expect it to catch up to you. No matter how much stuff you have and how low your minimum monthly payment is, you still owe the balance on your credit card. Eventually, the full balance will have to be paid back, including the interest. The statistics do not lie. From the Credit Research Center at Georgetown University:
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- There are 218 million credit card holders in the U.S. and roughly 104 million Americans (48%) have credit card debt!
- 8 in 10 American adults (84%) have at least one credit card
- Americans carry over a trillion dollars ($1.03 trillion) in credit card debt.
- This figure has more than doubled in the last decade.
- These numbers are expected to increase, not decrease.
- It’s not just about having debt. As of fall 2022, the credit card delinquency rate is at 2.25%, which is the percentage of Americans who are behind on their credit card payments.
From the Federal Reserve:
- The average household carries $5,900 in credit card debt.
- At an interest rate of 18%, making minimum payments, it will take 24 years and cost $24,000 just to pay off $8000 in debt.
- About 18% of American families spend more than they earn each year.
- On average, Americans spend $1.22 for every dollar we earn.
- Personal bankruptcies have doubled in the last decade.
The sad truth is the handling of finances among Christians is not much different than the secular world. How you handle finances is very important to God. You are a steward of His money and He wants to see it used wisely to take care of your family and advance His kingdom. 1 Corinthians 4:2 (NIV) says, Now it is required that those who have been given a trust must prove faithful.
One of the driving forces behind debt accumulation is covetousness. To covet is to desire to have the possessions of another person. Unfortunately, trying to keep up with the Joneses will get you in a lot of financial difficulty! Coveting is a problem for most people, including Christians, but it is rarely discussed. Coveting is a direct enemy of debt free living, and God takes it serious enough to make it one of the Ten Commandments. Exodus 20:17 (NLT) says, Do not covet your neighbor’s house. Do not covet your neighbor’s wife, male, or female servant, Ox or donkey, or ANYTHING ELSE your neighbor owns.
Your Heavenly Father realizes coveting goes beyond just admiration for the possessions of others. You actually want to HAVE them for yourself! This attitude will potentially lead to envy of friends, family, co-workers, etc. Envy is a feeling of discontent or resentment because of another’s possessions, advantages, success, etc. The Bible says, You want what you don’t have, so you scheme and kill to get it. You are jealous for what others have, and you can’t possess it, so you fight and quarrel to take it away from them. And yet the reason you don’t have what you want is that you don’t ask God for it. And even when you do ask, you don’t get it because your whole motive is wrong—you want only what will give you pleasure. You adulterers! Don’t you realize that friendship with this world makes you an ENEMY of God? I say it again, that if your aim is to enjoy this world, you CAN’T be a friend of God (James 4:2-4 NLT). God doesn’t want you to allow possessions to corrupt you. He does not want division between you and Him or within the Body of Christ due to envy and jealousy.
Covetousness not only leads to envy, it can lead to materialism. Luke 12:15 (NIV) tells us, Watch out! Be on your guard against all kinds of greed; a man’s life does not consist in the abundance of his possessions. Materialism is a preoccupation with material things rather than intellectual or spiritual things. It is foolish and ridiculous for any Christian to be focused or preoccupied with material items. I didn’t say there was anything wrong with having nice things. BUT, it is foolish if it is a priority in your life. Jesus condemned treasuring money and things over God. In Luke 16:14-15 (NLT) He’s speaking to the Pharisees, The Pharisees, who dearly loved their money, naturally scoffed at all this. Then He said to them, “You like to look good in public, but God knows your evil hearts. What this world honors is an abomination in the sight of God.
You, Christian, are to live with an eternal perspective. This is not home. You can’t bring your stuff with you when you go to your permanent home in heaven. When it comes to your financial decisions, you have to decide if it is a want or a need. You can satisfy your own pleasures or you can be a good steward with God’s money and use it wisely by giving to His kingdom, taking care of your family, and saving for your future. Choosing debt free living is pleasing to God. Proverbs 10:22-23 (NLT) says, The blessing of the LORD makes a person rich, and He adds no sorrow with it. Doing wrong is fun for a fool, while wise conduct is a pleasure to the wise. God will bless you if you use His resources to do His work. When everything you own fades, God’s love stays. If you only use His resources to supply your material hunger, you show Him no honor. God lasts forever, not your things. He wants your focus on Him at all times. He owns everything and all of your blessings come from Him. He is all you need!
Go Live The Victory!
