Christ has set us free from our bondage to sin through the cross. Sadly, there's another form of bondage that can affect us: debt.
Financial debt is a prevailing problem among those who are either unable to find a stable source of income for their livelihood, or simply can't control their spending habits and would rather "buy now and pay later." As Christians, we shouldn't be financially in debt to anything or anyone except to the Lord for His goodness!
So what do you do if you are stuck in debt? Here are some things you can do to shoo debt away when it knocks at your door.
1) Pay your debts
There's nothing better than paying your debts. Paul said in Romans 13:7-8, "Give to everyone what you owe them: If you owe taxes, pay taxes; if revenue, then revenue; if respect, then respect; if honour, then honour. Let no debt remain outstanding, except the continuing debt to love one another, for whoever loves others has fulfilled the law."
When we are in debt for borrowing or getting something on a loan, that debt has to be paid. We should not run away from the responsibility of paying what we should. As God's people, we must recognise that not paying debts is sin.
2) Foresee the dangers of debt
Debt is a very treacherous thing, robbing you of future joy in exchange, sometimes because we wanted early bliss. We need to be careful and see that if we will apply for a loan or borrow some money, we will somehow lose a bit of what we will have in the future. Think: "buy now, pay later." You'll be tied to a financial responsibility that you could avoid if you plan ahead or cut back on unnecessary spending.
Proverbs 22:3 says, "The prudent see danger and take refuge, but the simple keep going and pay the penalty." You wouldn't want to have less tomorrow in exchange for having something more today. Worse, you wouldn't want your kids to be burdened by the debts you just might leave them.
Prov. 22:7 adds, "The rich rule over the poor, and the borrower is slave to the lender." You'll be beholden to the one from whom you have borrowed. They can do pretty much whatever they can to you because you gave them a right to do so when you applied for that loan.
3) Live in the truth of God's Word
God said in His Word that we will be "the head and not the tail," and that we will be the ones to lend and not to borrow, if we carefully follow His commands (see Deuteronomy 28:12-14).This is a promise for all believers, and we should live in it!
Financial freedom can be attained by following the Lord and choosing to live the abundant life that Christ promised in John 10:10 – a life that is lived according to God's will.
4) Don't be afraid to ask for help
If your debt has become unmanageable then it may be that you need to seek outside help. This could come from a trusted loved one or by reaching out to debt advice charities like Christians Against Poverty that will help you to come up with a plan for becoming debt free. They also have resources and courses to help you get on top of budgeting and money management if this is not your strong point.
