What is wrong with having debt?

Is having debt in my life sin?
Having debt in your life is not sin, it is just unwise. Deuteronomy 28:12 declares that those who are blessed will loan to nations, but they will not be in debt. If debt was a sin then God would not have encouraged the Israelites to loan to other nations, as that would have caused those nations to sin. However, in Proverbs 22:7 we are told that “the borrower is a slave to the lender,” and this is true. When we owe debt we are bound in a serving relationship. Now we must go out and perform. The more debt we owe, the more of our life we have to give away. We become a slave to the process of paying the money back.

It is unwise to be in debt for other reasons as well. When we borrow money, we have to pay back interest as well as the money that we borrowed. We can end up paying the full price and even up to 3 times that amount again, depending on the size of the loan, who we borrowed it from, and the length of time that we take to pay it back. If we see ourselves as God’s steward then we must realize that it is His money that we are wasting on interest.

Well how could we ever hope to own a car or buy a house without going in to debt?
When we belong to Christ we can count on Him to provide anointed ideas on how to overcome the things of the world. If one must use borrowed money there are wiser ways than taking a huge loan over a 25 year period. For example if one were to buy a smaller home that needed cosmetic repairs and get a 15 year mortgage instead of a 25 year mortgage, that would save thousands of dollars from the total that we would pay on a 25 year mortgage. Making payments twice a month will also cut down the interest considerably.

World Financial Group has several ideas that can help a family overcome mortgage debt. I highly recommend sitting down with a representative for a free consultation. It takes some of your time but we have a few people in our organization that paid out their mortgages early and ended up with several thousands of dollars in the bank as well. It is sure worth looking into.

Beware of car adds on television that promise low financing. Often you will pay twice what that car is worth by paying for it on monthly payments and it depreciates the moment you drive it off the lot. Consider instead making payments to your own bank account while you drive your existing car. When it is ready to die use your saved money to purchase a car for yourself. Buy privately and get a used car that someone else has already paid the depreciation cost on. Drive the new car and continue making payments to your account. Each year sell your car for about the same price you paid for it and take the money you saved and trade up. In a few years you will be driving a beautiful new car without the debt in your life.

Paul said to owe no man anything accept your love, so when we are debt-free we are more free to serve God. We can pick up and go as He leads and we are not encumbered by the things of the world. It is wise to avoid debt.

We teach these concepts and many more at our weekly House Church Meetings. We want to empower people to be overcomers. Check out the side bar of this blog for meeting locations near you, and also have a look at our other links. Money is just one of issues of life that we can help you with. This is an organization that makes a real difference in people's lives.