You have probably heard all sorts of viewpoints on debt and how it should be managed.
We know that debt can be crippling if you have too much of it, but there are yet some that say debt can be used to your advantage.
What does the Bible have to say on this topic?
There are quite a few verses that reference debt, and some would use those verses to say that debt is bad.
I took some time to study this topic and I think the Bible has a pretty clear viewpoint, but it may be a bit less black and white than you think.
Does the Bible Say Debt is a Sin?
Very clearly, the answer is no.
There are definitely some verses that give debt a negative spin. Proverbs 22:7 is a well-known verse of that type.
But none of those Bible verses say it’s a sin. In fact, there are many Bible verses that show us how debt is a pretty common part of life.
The Isrealites were given specific rules about handling debt amongst one another.
They weren’t supposed to charge interest to their brothers (Lev 25:36-37), and debt was supposed to be canceled every seven years (Deu 15:1-2).
God understands that sometimes we just need to borrow.
So, debt is not a sin, but the reasons behind it definitely can be.
The Sins Behind Debt
If we’re being honest about debt, we need to realize that not all debts are created equal.
Are you in a lot of debt because you desire things as opposed to desiring a relationship with God?
Do you buy shoes and clothes that are too expensive because you want what others have?
Is your car more than you can afford because you feel the need to have a car that other people will appreciate?
Jealousy and covetousness are sinful behaviors that can lead us into a trap.
Make no doubt about it when Proverbs 22:7 says that the borrower is a slave to the lender.
On the other hand, sometimes we fall into difficult times. We may need to borrow to get through.
Medical debt, a house emergency, loss of a job… I would not call these sinful motivations to take on debt.
At the same time, remember that God provides all that we need.
If we are in one of these situations, it is prudent to pray that God would help us find a job, or that we’ll be able to fix that broken washing machine instead of buying a new one.
So if you’re considering taking on debt, or if you’re considering getting rid of debt, start by asking yourself what the motivation is or was behind said debt.
Should Christians Pay Off Debt Early?
Romans 13:8 “Owe no one anything, except to love each other, for the one who loves another has fulfilled the law.”
Ezekiel 18:5-9 “If a man is righteous and does what is just and right — if he … does not oppress anyone, but restores to the debtor his pledge … he is righteous; he shall surely live, declares the Lord God.”
Here we can see that we should avoid debt in the first place (not that we should never borrow) and that if we do need to borrow, paying back what is owed is the righteous thing.
The Bible does not say we need to pay off debt early, but I believe the bigger question here is what is God’s will for us?
Matthew 5:42 “Give to the one who begs from you, and do not refuse the one who would borrow from you.”
Luke 6:35 “But love your enemies, and do good, and lend, expecting nothing in return, and your reward will be great, and you will be sons of the Most High, for he is kind to the ungrateful and the evil.”
Psalm 112:5 “It is well with the man who deals generously and lends; who conducts his affairs with justice.”
Notice here in these three verses that lending to others is encouraged. In fact, we should lend to our brothers and sisters, never expecting anything to be paid back… which is called giving!
God’s will is for us to lend and give to others, and it is valuable to Him if we are in a position to do so.
This is not to say that we have to be rich to be valuable, but rather, if we are chained to our debt, we will be unable to give to others, unable to do God’s work.
So should Christians pay off debt early? Absolutely, if it will help us be in a position to help or lend to others.
Maybe that doesn’t mean we are paying off ALL of our debt right now.
But maybe there is a smaller debt we can get rid of early so we can save $50-$100 per month for a time when someone else might need financial help.
How has your debt been a hindrance to your being able to help others?
If you’ve gotten rid of some debt, have you been able to bless someone else with the money you would have spent on that debt?