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.