Owe no one anything except to love one another, for he who loves another has fulfilled the law. (Romans 13:8)
The Bible instructs us not to owe anyone anything, except love. That means we should aim to live a financially debt-free life. The debt problem in the world is growing at a rapid rate. Economies of nations are in turmoil because of growing national debts. They have to increase taxes and put a heavy burden on people in order to cover growing debts. Individual debts are increasing as credit cards and high-tech advertising has become a way of life. People borrow money and have to pay it back with high interest rates. Many people’s lives, families and marriages are being destroyed because of the growing debt problem in our society.
One of the curses of sin in Deuteronomy 28 is the curse of being in debt. The Bible calls debt a heavy yoke of bondage. Financial debt is slavery.
The rich rules over the poor, and the borrower is servant to the lender. (Pr. 22:7)
However, the Lord promised that if we will diligently hearken to His voice and obey His commandments written in the Word of God, we will prosper and grow rich, and we will not borrow but lend to nations.“For the LORD your God will bless you just as He promised you; you shall lend to many nations, but you shall not borrow; you shall reign over many nations, but they shall not reign over you.” (Deuteronomy 15:6)
“The LORD will open to you His good treasure, the heavens, to give the rain to your land in its season, and to bless all the work of your hand. You shall lend to many nations, but you shall not borrow.” (Deuteronomy 28:12)
There are three main reasons why people go into financial debt:
Ignorance: Most people have little or no understanding of finances. They quickly find themselves overwhelmed by the opportunities they encounter to spend more than they earn. They are not prepared for the pressures of life because they have not been properly educated by their parents about financial principles. They have not learned to put into practice the wisdom of financial principles taught in the Bible. They are simply ignorant because of their lack of training and knowledge.
A prudent man foresees evil and hides himself; the simple (naive, ignorant) pass on and are punished. (Proverbs 22:3)
Indulgence: Indulgence, impulse-buying, and get-rich-quick schemes all have the same root cause: greed. Most people are led by their materialistic fleshly nature and seek after things. They buy things they don’t need just to satisfy their carnal desires. They find themselves in a constantly unquenchable want which leads to poverty.
Poor Planning: Most people do not live on a budget in which they plan their spending according to their income. We are to control our money, instead of our money controlling us. Living by faith doesn’t mean we have to plan and budget the use of our money and resources. It’s vital to allocate our money wisely.