Debt also prevents us from giving generously to the Lord’s work. Ten years ago Larry Burkett stated that the average American family paid $1,000 a year in interest (not counting their house mortgage). If they were out of debt, they could give that money to the church. If only 40 families in this church gave $1,000 more per year, we could pay off the mortgage on the property next door the first year and then have more for ministry and mission needs every year after that!
If you get so far in debt that you can’t repay what you owe, it’s a bad testimony (Ps. 37:21). How can you default on your debt and tell your creditor about your Savior? Bankruptcy may be the easy way out (due to our legal system), but it doesn’t honor the Lord. What is God’s answer to debt?
Here’s a simple principle: You won’t get into debt if you don’t borrow! Control your spending habits so that you live within your means. I can’t go into detail on the pros and cons of borrowing for a home mortgage or other expensive purchases, such as a car. But on home loans, be very careful; on cars, avoid borrowing unless it’s absolutely necessary (which it seldom is). A lot of things we think are necessities are really luxuries. Christian financial counselor Ron Blue states, “Getting in debt is as easy as getting down an ice-covered mountain. Getting out of debt is just as difficult as climbing that same mountain” (Master Your Money [Thomas Nelson Publishers], p. 59).
If you’re already in debt, the only way out is to discipline yourself to spend less than you make and to use the difference to systematically meet your obligations until you’re free from debt. You can also sell off needless items and use the money to pay down your debts. Then you must continue living with self-control so that you can build up a surplus for expected future needs. If you can’t control credit card spending, do plastic surgery: Cut all your cards in half and throw them in separate trash cans so they can’t spontaneously reunite! This one will be difficult for many of us, but when I return home tomorrow – I must do this.
I also have my first pay day in January 2017 today. i am taking a leap of faith and giving 10% to the church. I am also setting up that financial online giving so I cannot forget.
Let you know tomorrow how all this goes down. Amen.
Proverbs 22:7 states, “The rich rules over the poor, and the borrower becomes the lender’s slave.” First Corinthians 7:23 instructs us not to become slaves of men. Romans 13:8 states, “Owe nothing to anyone, except to love one another.” Going into debt puts you in bondage to pay off those debts. It makes you the tail, not the head (Deut. 28:43-44). While it would be too strong to say that the Bible forbids all debt, it does strongly caution against it.
There are a lot of definitions of debt (take your pick). I’m referring to spending more than you are taking in. If you are paying monthly installment interest on credit cards (half of American families do), in my book you’re in debt. This makes me not alone in my indebtedness. Over the years, I volunteered at Navy Relief and assisted 100’s with their budgets. Budgets are not hard to make, but so many have a hard time sticking to it. In 1980 a survey disclosed that the average American family in the 25-35 year-old bracket was spending $397 a month more than they earned. A 1975 Reader’s Digest article stated that one-sixth of married couples in the U.S. owed (apart from home mortgages) more than they earned in a year. These statistics have not improved with the baby boomers now rapidly entering retirement. One of the stories I heard, was one women near 60 who was thinking of retiring still have $75,000 in student loans to pay off. That is scary.
Debt goes hand-in-hand with greed, because it feeds off greed and self-gratification by giving us what we want now, rather than making us wait for it or work for it in advance. It reflects impulsiveness and hinders the development of discipline and self control (a fruit of the Spirit). Debt runs counter to waiting on the Lord in prayer and faith to provide what we need, reflecting a lack of patience.
Financial Responsibilities – Wow never thought I would be so far in debt, at this time in my life, but it happened. Mostly because I want to continue to buy and give things to my love ones. Well if I continue to do this, I’ll be so far in debt. I will never be able to retire.
So 2017 is my year to become aware and financially responsible.
This last year I opened a savings account, but right now I have $235.00 there. Because of various reasons, I had to use the money throughout the year to help with one things or another.
What does it mean to be financially responsible? It’s a complex question with a complex answer, but at its core is a simple truth: To be financially responsible, you need to live within your means. And to live within your means, you must spend less than you make!
Credit Cards and Debt
This last year I opened a savings account, but right now I have $235.00 there. Because of various reasons, I had to use the money throughout the year to help with one things or aall and aren’t able to pay your balance in full shows that you already spend more than you earn. Responsible use of a credit means paying the balance on your account in full each month.
So here is the beginning of the blog and hopefully you can join me on this journey.
“Father, I thank You that I am an heir to THE BLESSING! I choose life today. I choose to be a conduit for what You want to do in this world. Thank You for Your Word and the many blessings that are mine. In Jesus’ Name. Amen. – See more at:
Next post is how did I get this way!!!