Live Debt Free - Biblical Advice

Live Debt Free – Biblical Advice

Sun, Jun 21, 2009

Debt Defined

If you’re just joining, I’m writing a 5 article series entitled, Live Debt Free. This is the first article out of four in which I discuss the four reasons why our family is pursing the debt free goal (including our house). I plan to end the series with a fifth article that will include some practical tools to help in becoming debt free.

Before we get too far into the series, I think it’s important to discuss the definition of debt. Dictionary.com defines debt as “something that is owed or that one is bound to pay to or perform for another: a debt of $50.” Bound is defined as ”tied; in bonds; a bound prisoner.”

The Bible doesn’t describe debt much differently than Dictionary.com. The definition of debt in Proverbs 22:7 is, in my opinion, a sobering view of debt. The scripture says, “the rich rule over the poor, and the borrower is servant to the lender.”

If debt is something that is owed and or that one is bound to pay, we can conclude debt includes home mortgages, car loans, student loans, credit card loans and personal loans. There are probably a few others, but, hopefully, you get the picture.

If you are bound to pay you are a servant to the person or entity in which you are bound. You are held captive because you’re under obligation to make the payments you’ve agreed to make.

Biblical Advice

In the Crown Financial Ministries Small Group Study manual, the Bible on Debt section, provides different translations of Romans 13:8.

“Owe no man anything: (KJV)
“Let no debt remain outstanding: (NIV)
“Pay all your debts” (TLB)
“Own nothing to anyone” (NASB)
“Keep out of debt and own no man anything” (Amplified)

Live Debt Free

Personally, I think the message, or God’s advice, is crystal clear. As a family, we don’t want to be held captive by debt owed to any person or entity. Understanding the Bible tells us to “owe no man anything” (KJV), we are pursing the goal of becoming debt free to create more financial peace in our family and remove obstacles in pursuing what we believe is God’s purpose for our lives.

Does the Bible’s advice on debt motivate you to avoid debt and live debt free?

The next article in the series will discuss living debt free to have the freedom to fulfill your life purpose.