What the Bible says about money and debt
By Lyle David Salomon
Bible teachings about borrowing money
It is not a sin to borrow money. You must pay your debts. This Bible verse proves it:
“The wicked borrows but does not repay; the righteous forgives and gives. (Psalm 37,21)
Your legal obligation is to repay your debts. The Bible also outlines that you have moral obligations towards your creditors, in addition to your legal obligations.
You sign an agreement when you take out a personal loan. The loan term is the time you agree to repay it. The Bible says that if you make a promise to keep it, it must be kept. It is clear:
It is better not to make a wish than to make a wish but not pay. “(Ecclesiastes 5: 5)
This Bible verse states that you must fulfill your promise to pay off all debts. Don’t promise anything if you don’t keep your word. Also, don’t borrow money. The question is: Why does the Bible emphasize the importance of repaying debts? This is true. This Bible verse will help answer your question:
“The wealthy rule over the poor, and the borrower is the slave to the lender” (Proverbs 22: 7)
Lenders will obligate you to borrow money as long as there is an outstanding balance. You are subject to the lender’s control. You are responsible for paying the interest rates charged by the lender on your loans. Several legal actions can be taken against you if you fail to pay the lender’s interest rates.
Lenders could charge you additional interest. Lenders can also impose penalties and late fees. Lenders can pursue legal action against you if you fail to pay your loan.
Is there anything you can do?
No. You must either pay the debt off or deal with creditors in court. There are many debt relief programs, including debt settlement and debt consolidation. Debt management, bankruptcy, and debt management are all options.
Even then, you still have to pay some debt. It is impossible to avoid it. You can’t avoid it as a faithful Christian. God is your master. The Bible also explains why:
“No one can serve both masters.” You will either love one master and hate the other or be loyal to one. You can’t serve God and money at the same time. Matthew 6:24 VIN
Pay your debts immediately if you are going to be a faithful servant of God. All your energy, thoughts, and time are consumed when you’re in debt. You can borrow money, but the Bible does not say so. It’s not illegal to apply for loans or credit cards.
The Bible tells you to manage your money and debt responsibly. You can live a debt-free lifestyle if you are frugal and pay your bills on schedule. You can serve God as a true Christian. This verse is from the Bible that will help you live a truly free and happy life.
“Let your heart be free from the love for money. But be content with what is available. He said, “I will never leave you nor forsake” (Hebrews 13: 5)
What else does the Bible say about debt?
The Bible is an invaluable source of information. The Holy Bible is the best source of advice whenever you need it. There you will find the best advice. Take this verse as an example:
“Which one of you wants to build a tower but doesn’t first calculate the cost to determine if it is affordable?” (Luke 14.28)
What should you do before buying a home? First, calculate your savings and then determine your budget to buy a house. You run the risk of buying a place you cannot afford and end up with huge debt. The Bible has warned you about this. It’s up to you now.
The Bible contains clear guidelines regarding co-signers. This verse from the Bible is your first step.
“He who gives a promise to strangers will surely suffer harm. But he who doesn’t want to give a promise is safe.” (Proverbs 11:15)
If there are no other options, the Bible doesn’t encourage co-signing for loans. However, if you have to co-sign for your adult kids, you should save money and be ready to repay your debts. The Bible also has some words about creditors and debtors.
“If you loan money to a poor person with me, you won’t be a loan shark to them, and you won’t earn any interest.” “(Exodus 22: 25-27)
The Bible says creditors should not charge interest on loans to the poor. However, this isn’t the case. Do you know of any credit card companies that offer 0% interest credit cards for the poor? Balance transfer cards are available with a 0% interest rate. This is only available for 12-18 months. After that, you will have to pay twice the interest.
Is it true that God can save you from your debts, according to the Bible?
Many Christians believe that Jesus will save them from their debts. This verse is used to support their argument.
Philippians 4:19: “And my God will provide for all your needs according to his riches, with glory through Christ Jesus.”
Almighty God will provide for all your needs. The Bible does not say that God can save you from your debts. You borrowed money to your advantage. Now, you must think about how to repay the debts. This is the following verse from the Bible that proves my point.
“She went to the man who was God and said, “Go and sell oil to pay your creditor. With what is left, you and your children will live” (2 Kings 4:7)
Do you want to know how you can get rid of your debts? Wait. The Bible answers this question. Take a look at the Bible’s following verse:
“Everyone should save and set aside money on the first day each week so that he can prosper so that no collection is made when he comes. “(Corinthians 16: 2)
Each week, or every month, set aside a portion of your paycheck. That money can be used to pay your bills. You won’t get in debt if you pay your bills on time. Creditors will be pleased and will not assign your accounts for collection. You can live a stress-free lifestyle and devote yourself to God’s service.
The Bible doesn’t say God will save you from debts. However, it does state that creditors will forgive your debts after seven years. This verse is important:
“At the end of all seven years, you’ll give debt relief. This is the delivery method: Every creditor must release the amount he has lent his neighbor. He will not ask his brother or neighbor for it because the Lord has declared His remission. (Deuteronomy 15: 1-2)
The federal government now allows you to file Chapter 7 bankruptcy. This will allow you to pay off your debts every eight years. Once you are done with the bankruptcy process, the court will declare your discharge from all debts.
Last thoughts on debt
The Bible doesn’t say it is wrong to have debt. He warns instead of pointing out the dangers that debt can cause. This Bible verse is worth a read:
Don’t fall for those who promise loans or make deals. You won’t be able to get your bed if you don’t pay anything. (Proverbs 22: 26-27)
Some creditors may seize everything if you are unable to pay your debts. They will sue you and get a judgment against you. Others may place a lien against your property.