Debt - It's About Bondage

Proverbs 22:7

Debt, It’s About Bondage

Introduction

“The rich rulleth over the poor, and the borrower is servant to the lender.”

As I read that verse I think of the many in our nation today who are claiming that the Bible is an old and archaic book that isn’t relevant any more. While there are numerous examples of the absurdity of that kind of thinking, it is obvious that our text today certainly is relevant. We are a nation in debt, filled with millions of people who are in debt, and that goes for God’s people as well as those who are lost.

In a report made in 1986, Howard Dayton said that personal debt in the U.S. was increasing at the rate of $1000 per second, and consumer installment debt had mushroomed to a point where it was taking approximately $1 out of every $4 that consumers earn after taxes to keep up the payments – not including their home mortgage. He said at the time that 56% of all divorces were a result of financial tension in the home.(1)

Imagine what it would be today, 17 years later! One man called the police and reported that all his wife’s credit cards had been stolen. Then he added, “But don’t look too hard for the thief. He’s charging less than my wife ever did!” People my age, 22-33 are carrying 25% of the nation’s credit card debt(2), and The Consumer Federation of America estimates that 55 to 60 million American households with revolving credit card balances carry an average of more than $7,000 of credit card debt.(3)

Certainly debt is a problem for many Americans, and sadly enough, there’s little difference between “them and us” when it comes to attitudes about money and debt, even in my own life. I am convinced that Jesus wants to be the Lord of every area of our lives, and finances and debt are part of it. Debt is an unnecessary bondage that many of us get ourselves into, and many are drowning in it with high mortgages, high car payments, too many high interest credit cards and normal living expenses. We need to recognize today that when we become slaves to our money, Jesus is pushed out of the picture and is unable to be Lord in that area.

How many of you really want Jesus to be the Lord of your finances? Then make a commitment right now to hear His Word, repent of sins you may have committed involving debt, and go home and begin to apply what you’re going to hear and get out of debt so that you’re in bondage to Christ and not to the almighty Visa! In this message I am going to address four things concerning personal debt: what the Bible does and does not teach about debt, why most people get into debt, the consequences of it, and how to get out of it. I also want to invite you to our Sunday morning Bible study where we are exploring personal finance in greater depth.

What The Bible Does And Doesn’t Teach About Debt

There are many misconceptions about debt among believers. Among our older generation, it is common to hear that all debt is wrong and should be avoided. Among younger believers, it is a way of life, and as many of us have noticed as we have gotten older and realized our mistakes, most teens and young adults think that all of us over the age of 21 are brain-dead when it comes to finances. Don’t tell me about money? Well listen, we’re making Jesus Lord right? Then what does He teach us in the Bible teach about debt?

· The Bible nowhere teaches that it is a sin to borrow. There are some sins connected with it, but borrowing in and of itself is not a sin. It is a sin to presume upon the Lord’s goodness. It is a sin to covet. It is a sin not to trust the Lord, but it is not a sin to borrow.

· The Bible does not teach that it is wise to borrow.

· The Bible does not teach that God will bail you out of your debt. Have you ever found yourself in debt and you realize that you need help only to say, “God will get us out of this.” I’ve said it. Think about it – after we misuse credit, after we squander away our wages on frivolous credit purchases, we expect God to bail us out! The Bible doesn’t teach that He will.

· The Bible doesn’t teach that going into debt is an exercise of faith. In fact, often times debt is evidence of a lack of faith.

· The Bible teaches that all our debts must be repaid. Psalm 37:21 says, “The wicked borroweth, and payeth not again…”