Debt is a terrible master. Because of this people in debt become slaves to those they are indebted to. We should all do our best to avoid burying ourselves in debt!
While loans can be beneficial when acquired properly and used for the right purposes, getting ourselves stuck in financial debt can simply be the worst way to imprison ourselves.
In this article we will talk about ways to prevent financial debt from enslaving us. We will talk about ways to avoid incurring debt, getting out of debt, and staying free of debt.
3 Biblical ways to prevent debt from enslaving you
1) Avoiding debt
It's perfectly possible to avoid incurring debt. Deuteronomy 28:12 tells us,
"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."
Many Christians, however, still end up borrowing money for various purposes.
Borrowing money, as mentioned above, can be good when it's done with the right intentions. If the purpose is valid and there's the steady effort to pay up, there won't be a problem with it.
If the purpose for borrowing isn't right and there's no plan to pay, however, debt will be a very terrible master: burying a person in debt, while causing greed and unaccountability to grow.
But while the right intentions can make borrowing money a good thing, it's always better to not borrow money at all.
Paul tells us in 1Timothy 6:6 that "godliness with contentment is great gain." If there is no need to borrow, then don't borrow. Otherwise, save up for extras.
2) Getting out of debt
But what if you've already incurred debt? Do you run away from it? Or do you spend all that you have to pay it?
Well, debt should definitely be paid. Romans 13:8 tells us to "Owe no one anything except to love one another, for he who loves another has fulfilled the law."
So how do we do this? By paying up.
- Every time a paycheck arrives, set aside a specific amount that is meant to pay debts. This will repay debts over time.
- If you have old and unused items, sell them and use the proceeds to pay debts.
- While you're in the process of paying debts, avoid the temptation to borrow money because "I need it," "I have an 'emergency' (that really isn't)," or "I am short on funds." Any new debt incurred will just add to the problem.
Remember, don't borrow if it's not necessary or can be put on hold.
3) Staying out of debt
Are you now debt-free? Congratulations! Stay out of debt and enjoy what God gives to you.
Here are a few ways to stay out of debt:
- Stay contented with God's provisions (see Philippians 4:12-13). Remember that debt will never be good for you.
- Save up and avoid unnecessary purchases (see Proverbs 21:20).
- Give generously. Realize the power of sowing and reaping (see Acts 20:35; Galatians 6:9).
- Trust in the Lord always. He will meet all your needs according to His riches in glory in Christ (see Philippians 4:19).
