What does the Bible say about debt? Is a question in the Christian’s mind. As I seek to know God’s will for all areas of my life, I have often wondered if getting into debt is okay. I find myself asking these questions because I want to be in obedient to God’s will and because I fear debt. I have seen how it robs people of peace of mind and I became weary when finance experts say there’s good debt. Pondering these questions and where I am financially made me turn to the word of God to gain some insights!
1. Debt as a Form of Servitude
The Bible warns that debt can create a form of bondage or servitude, where the borrower becomes subject to the lender. This concept is highlighted in Proverbs:
- Proverbs 22:7: “The rich rule over the poor, and the borrower is slave to the lender.”
This verse underscores the idea that debt can limit one’s freedom and place them under the authority or control of another, advising caution when borrowing. I know friendships that have ended because the borrower struggled to pay back and the lender insisted on prompt payments.
2. Encouragement to Repay Debts
The Bible also emphasizes the importance of repaying debts and fulfilling financial obligations:
- Psalm 37:21: “The wicked borrow and do not repay, but the righteous give generously.”
Here, the verse suggests that not repaying debts is unethical, while the righteous are portrayed as trustworthy and generous. The Bible encourages individuals to be diligent and responsible in repaying what they owe.
3. Avoiding Debt When Possible
While the Bible does not categorically prohibit borrowing, it encourages careful consideration and avoidance of unnecessary debt. Being debt-free is viewed as a desirable goal:
- Romans 13:8: “Let no debt remain outstanding, except the continuing debt to love one another, for whoever loves others has fulfilled the law.”
This verse can be interpreted as advising against owing anything to anyone, except for the enduring commitment to love others.
4. Planning and Wisdom in Financial Decisions
The Bible promotes wisdom and planning in financial decisions, including when considering taking on debt:
- Luke 14:28: “Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it?”
This passage emphasizes the importance of planning and counting the cost before making financial commitments, such as borrowing.
5. Helping Others in Financial Need
The Bible also encourages lending and helping others in financial distress, but it advises doing so generously and without exploitation:
- Deuteronomy 15:7-8: “If anyone is poor among your fellow Israelites in any of the towns of the land the Lord your God is giving you, do not be hardhearted or tightfisted toward them. Rather, be openhanded and freely lend them whatever they need.”
This passage calls for compassion and generosity, suggesting that lending should not be done with a hardened heart or exploitative intent.
What Does The Bible Say About Debt – More Verses To Consider
1. Deuteronomy 15:1-2
- “At the end of every seven years you must cancel debts. This is how it is to be done: Every creditor shall cancel any loan they have made to a fellow Israelite. They shall not require payment from anyone among their own people, because the Lord’s time for canceling debts has been proclaimed.”
- This passage outlines the biblical practice of debt forgiveness (the Year of Release) as a form of mercy and economic reset.
2. Proverbs 6:1-5
- “My son, if you have put up security for your neighbor, if you have shaken hands in pledge for a stranger, you have been trapped by what you said, ensnared by the words of your mouth. So do this, my son, to free yourself, since you have fallen into your neighbor’s hands: Go—to the point of exhaustion— and give your neighbor no rest! Allow no sleep to your eyes, no slumber to your eyelids. Free yourself, like a gazelle from the hand of the hunter, like a bird from the snare of the fowler.”
- These verses caution against taking on debt or guaranteeing someone else’s debt and encourage quick action to resolve such obligations.
3. Matthew 6:12
- “And forgive us our debts, as we also have forgiven our debtors.”
- Part of the Lord’s Prayer, this verse connects the idea of forgiving financial debts with forgiving personal wrongs, emphasizing mercy and grace.
4. Nehemiah 5:3-5
- “Some were saying, ‘We are mortgaging our fields, our vineyards and our homes to get grain during the famine.’ Others were saying, ‘We have had to borrow money to pay the king’s tax on our fields and vineyards. Although we are of the same flesh and blood as our fellow Jews and though our children are as good as theirs, yet we have to subject our sons and daughters to slavery. Some of our daughters have already been enslaved, but we are powerless, because our fields and our vineyards belong to others.’ “
- This passage illustrates the serious consequences of debt, such as loss of property and even enslavement.
5. Exodus 22:25
- “If you lend money to one of my people among you who is needy, do not treat it like a business deal; charge no interest.”
- This verse advises against charging interest on loans to the needy, promoting a sense of compassion and fairness.
6. Leviticus 25:35-37
- “If any of your fellow Israelites become poor and are unable to support themselves among you, help them as you would a foreigner and stranger, so they can continue to live among you. Do not take interest or any profit from them, but fear your God, so that they may continue to live among you. You must not lend them money at interest or sell them food at a profit.”
- This passage emphasizes compassion and fair treatment, especially when dealing with those in financial distress.
7. Proverbs 11:15
- “Whoever puts up security for a stranger will surely suffer, but whoever refuses to shake hands in pledge is safe.”
- The verse warns against guaranteeing the debt of others, suggesting it is risky and can lead to personal suffering
Conclusion
Overall, the Bible’s teachings on debt center around being wise, responsible, and ethical in financial matters. It encourages individuals to avoid debt when possible, repay what is owed, and approach lending with a spirit of generosity and compassion.
One principle I learned form my dad was to give without expecting it back and if I want it back then think twice before giving. If I give and the person gives back, thank you and gladly I receive it but if they do not, that’s fine. The contrary is giving and expecting back and when they don’t give back, you are constantly following up or worrying when they will give it back. It is not worth the hassle.
In all things, our goal is to please God. in our finances may He take the lead, may we consult Him for guidance.
What has your experience been? Feel free to share below.
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