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Does God Want me to Live Without Debts?
Absolutely! God wants you debt-free! In modern society, debt, whether in the form of a loan or borrowing from a friend, is sanitized and glorified as something good. We have people who show the benefits of loans. While some may have benefitted from debt, others are languishing in abject poverty after losing their assets to their financiers. So, the question is: Does God really want me to live without debt? Now, we can choose to answer this question with hypocrisy or honesty. The absolute truth is that God wants me and you to live without debts! Read Romans 13:8 and Prov. 22;7. Some people argue that debt is not forbidden in the Bible. The argument promotes the idea that there is good debt and bad debt. Good debt is seen as helpful because it involves borrowing to invest. Nonetheless, I posit that believers’ positions on social matters should be informed by the Bible, not the popularity or rationality of an ideology.
“Do not owe anyone anything, except to love one another” Romans 13:8
So, why does God want me be to debt-free?
To live in freedom-
There is exceptional freedom that comes with knowing that you do not owe anyone anything. You are at peace and never feel the need to ignore incoming calls since you do not have a debt. The problem with debt is that it creates loopholes for sins. For example, you can lie about anything just to convince a creditor. Some people even lie about their health to avoid meeting their creditors. All these actions make you a slave. No wonder the word says that a borrower is a slave to the lender (Prov. 22:7). When you are in debt, your behaviors, words, and choices are somewhat influenced by the person or entity you owe. This contradicts God, and that is why He wants you to live freely.
God cares about your reputation-
In this era, when lenders share your credit information and make the decision to lend you money based on this data, your reputation can be tarnished easily. While this might seem harmless, it raises the question about the people who fail to pay due to unavoidable issues. To creditors, you are a defaulter who cannot be trusted, but is that always the case? God never takes pleasure in our name being tarnished unfairly. Proverbs 22:1 says, “A good name is to be more desired than great wealth”.
Debt hurts our fellowship with God and fellow believers.
Debt is always a cause of problems among believers. A believer who borrows but fails or refuses to pay ends up being judged by others. As a result, fellowship among such Christians breaks, contrary to God’s will, which requires us to not forsake the gathering of saints (Hebrews 10:25). It is also hard to concentrate on spiritual disciplines when your creditors keep calling.
Debt hinders our innovation capabilities–
Due to the ease with which we access credit, we do not spend time finding solutions to our financial problems. God invested His intelligence in us by giving us a mind that can think innovatively and strategically. Instead of rushing to burden ourselves with debt, we should consult our creative powers and focus on ways to make money.
Debt creates dependency and replaces God as the provider– I will start by saying this: God DOES NOT provide to us through debt. Now, when we develop the habit of borrowing, we become dependent on those sources to the extent we fail to experience God as the true source of provision. In my life, I have had instances when I anticipated borrowing money, only for the Lord to direct me on the steps to take to get more than what I needed. I want you to believe that you can live comfortably without debt if you apply God’s principles.
Debt benefits one party-
If you look at most debts, they are tailored to benefit one party, especially the creditor, more than the debtor. A creditor can insult or harass a debtor without consequences. A debtor has to do almost everything a creditor asks. In some countries, debtors are even shamed publicly! To God, this amounts to unfairness. As a believer, you deserve more respect. God, in Isaiah 43:4, says that we are so honored and precious that He will give men for our sake! Why then would you tolerate disrespect?
But I am already in debt. How do I come out of debt?
You are not alone. A recent study shows that most Americans are struggling to repay their credit card loans. If you find yourself in this pit, do not be frustrated. God has a solution, but only you can implement it.
- Start by seeing debt as God sees it- God never intended for us to borrow or live in debt. In Deuteronomy 28, He says that we shall lend to others. I admit that the scripture was intended for the Israelites at the time, but it also reveals God’s position on debt. We cannot overcome debt if we are ambivalent about it; we must come into harmony with God.
- Identify the source of your financial woes- The first step is to honestly identify why you are in debt. Possible reasons include lack of income, unstable income, bad spending habits, or unseen emergencies. Proceed to address the situation and remain committed.
- Sacrifice some things and remain disciplined– Like other things, debt is something you must deliberately choose to overcome. You must identify what to let go so you can be without debt.
- Have a long repayment plan- The urge to be debt-free can force you to repay everything at once. This strategy is not good unless you have enough money to sustain you. Create a plan to come out of debt gradually. You can ask your creditors to reschedule and reduce monthly installments.
How can I live without debts?
Once the Lord has given you victory, the next step is to make sure you do not go back into debt. Most people do not believe this is possible, but it is. How?
Exercise contentment- We sometimes get into debt due to our voracious appetite for everything. Live by a simple principle: If you can’t pay for it in cash, you can’t afford it; so avoid it! Contentment is of God, and no preacher should encourage you to borrow to buy expensive stuff.
Be diligent- Work is holy, and we must see it that way. Once we wake up every morning, we should see our work as the blessing it is, then work hard. In this era of social media distractions, we must make up our minds to be accountable for our time and opportunities.
Plan for everything and save- I previously perceived an emergency fund as an indication of lacking faith, but I noted that emergencies do happen and are not necessarily sent by the devil! To avoid finding yourself in a mess of debts due to emergencies and other things, learn to save and plan earlier. Start saving for a project that is even three years away. Remember, nothing beats preparation.
Work with a budget and have your monetary policy– Be tough with your budget and refuse to be a casualty of someone else’s financial irresponsibility. Create a policy on how you will be spending your money. While I strongly advocate the need to help fellow believers when in need, we should also encourage them to be financially responsible.
Have multiple sources of income– Since the lack of income contributes to debt accumulation, no amount of contentment or diligence will keep you from the problem. Therefore, have different streams of making money.
Acquire financial literacy- This means that you have the knowledge of how money works and you implement that knowledge.
Maximize your opportunities- We are surrounded by opportunities but we often fail to seize them due to complacency and fear. When you get a chance to make money genuinely, please make it as if it is the only thing that matters in the world. Make it as if your eternity depends on it!
References
Hur, K. (2024, April 25). Analysis: Americans are falling behind on their payments. CNN. https://edition.cnn.com/2024/04/25/investing/premarket-stocks-trading-consumer-spending/index.html
Roussi, A. (2020, September 10). Kenyan borrowers shamed by debt collectors chasing Silicon Valley loans. Financial Times. https://www.ft.com/content/16c86479-e88d-4a28-8fa4-cd72bace5104
