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…”
If we borrow money or create a debt, we are obligated to pay it back. Not to do so identifies us with the wicked. This is the age of no commitment, and believers are just as guilty as unbelievers about not sticking with the financial commitments they make, and what we don’t realize is that we are not only breaking our word, but we are making a reflection on Christ as well. Would He pay that debt? Would He want you to pay it?
A question about bankruptcy comes into play here. Is it ever right to declare bankruptcy? I like what Christian financial advisor Ron Blue said about it,
Is it wrong for a Christian to declare bankruptcy? To answer, we need to separate the moral from the ethical, or the biblical from the legal. Our legal system allows individuals and businesses to have some protection from creditors through the various bankruptcy laws. However, I don’t believe a Christian can not repay the money he has borrowed and still be moral. Failing to repay is to violate Ps. 37:21.(4)
· The Bible teaches that surety, or co-signing is foolish. Proverbs 6:1-5 addresses this and Proverbs 11:15 says,
“He that is surety for a stranger shall smart for it; and he that hateth suretiship is sure.”
While its not forbidden in the Scriptures, co-signing is not a smart thing to do unless you are prepared to pay the debt as though it were your own. Much of the co-signing that goes on is with parents trying to help their children out. Why not teach them young to save and avoid the debt in the first place?
· The Bible also teaches that debt always presumes upon the future. We read about it in James 4:13-15,
“Go to now, ye that say, today or tomorrow we will go into such a city, and continue there a year, and buy and sell, and get gain: whereas ye know not what shall be on the morrow. For what is your life? It is even a vapor, that appeareth for a little time, and then vanisheth away. For that ye ought to say, If the Lord will, we shall live, and do this, or that.”
If we borrow money and we believe borrowed money should always be repaid, we are implicitly presuming upon the future unless we have a guaranteed way to repay what we have borrowed. If we think we may have the ability to repay when in fact we don’t know because our circumstances do change, we have presumed upon the future. When we borrow or even think about borrowing, we need to evaluate whether we are presuming or assuming that we will be able to repay.
Why Most People Get In Debt
A sad reality worth mentioning is that most people who are debt driven don’t care what the Bible teaches. They are going to use credit just like they always have and Jesus Himself couldn’t change their mind. They might be you. I want all of you to write this down in your notes – getting in debt is almost always a spiritual problem. I won’t go so far as to say it is always a spiritual problem, but I am coming to believe that in most cases in your lives and in mine, the way we go about getting into debt is very much a spiritual problem. There are four common and overlapping reasons most people get in debt. As you hear them, be honest about yourself and confess a problem with them to the Lord. Remember, He wants to be Lord in this area of our lives, so let’s acknowledge His presence and His power to help us with what is a growing problem not only in our nation, but also in our churches. There is a lot of ground to cover, so I’m going to be brief.
· Lack of self-control
I suppose that we men like to joke about our wives and credit cards, but many of our wives could tell some embarrassing things about husbands who just have to have the latest tool or toy! We live in an instant everything society. When we want something we don’t want to work and save – we want it now and we want more of it now! We see the new clothes, the new gadgets, the new trucks and credit is the easy answer when we really don’t have to have that stuff at all. The new-car-fever hits and look-out! The Lord said in His Word,
“He that hath no rule over his own spirit is like a city that is broken down, and without walls.” Proverbs 25:28
If you struggle with a lack of self-control you are opening your life up for heartache and destruction. It is an open door for Satan to come in and lead you astray. Your heart’s desire is to be satisfied by God and an intimate relationship with Him, and if takes that “stuff” to keep you happy, then God does not have the place in your life He deserves.
· Lack of contentment
We want more than what we have and it has to be bigger and better. I don’t want a truck; I want a new one. I don’t want a computer that works; I want one that is bigger and faster. Why is it that we are compelled to go into debt to replace things that are perfectly fine in our lives? When we are discontent we begin to work harder and go farther into debt to accumulate stuff rather than pursue a relationship with God. The Bible says a lot about how we as Christians need to be content with what God has given us in this life – but instead we have to have more and more and more. The Bible says,
“Better is little with fear of the Lord than great treasure and trouble therewith.” Proverbs 15:16
Can anyone here today testify to the trouble that comes with great treasure gained through credit?
· Search for security
We all long for security in life. We have health insurance, life insurance, car insurance, and home insurance. When we make major purchases we buy extended warranties. We buy security systems for our homes and autos. We pay for extra lighting in the yards. We get checking accounts with overdraft coverage. We go out of our way to make sure our lives are free of worry and error, and in all our efforts to purchase security, we fail to see that only God can bring security. All the money we spend trying to protect ourselves can’t stop trouble from coming. All the money we get in the bank can’t prevent the rainy day – security comes from God. The security God offers provides freedom, but the security the world offers leads to bondage. I heard it said just the other day that in this life you must choose between security and freedom. You can only choose one. If you choose security, you loose both. You chew on that a while and let it set in. The Lord said,
“He that trusts in his riches shall fall…” Proverbs 11:28 but “by humility and the fear of the Lord are riches, and honor, and life.” Proverbs 22:4
· Search for significance
The last reason many go into debt is this search for significance. Our identity is not in what we own, but in whom we are! We are children of God, and we are to look to Him for our acceptance rather than trying to find it from our neighbors through the things we go in debt to buy. Have you ever wondered who really cares what you drive? Does anybody out there care as much about it as you do? It’s a trap that many fall into, but its just a trap!
When you break out the plastic to charge your next purchase, ask yourself some questions – and this is going to take some work: Why am I charging this? Can it wait? Have I really thought this through? Do I really need it? Have I been discontent with something I already have that is perfectly fine? Who am I trying to impress? What is this charge really going to do for me?
The Consequences of Debt
“The knot in Ed’s stomach tightened as he looked at the pile of papers on the table. This can’t be right, he thought. Maybe the mailman delivered our neighbor’s bills by mistake. There’s no way we owe this much.
But the bills and statements in front of him, the ones that were all addressed to Ed told a different story:
o $1,275 to Community Hospital for Becky’s C-section and their son’s neonatal care
o $6,510 to VISA which was past due
o $3,280 to Discover Card
o $7,512 to Ford Credit with a $419 payment that was past due
o $840 to Workout World
And that doesn’t even include the mortgage and what we owe Becky’s dad, Ed reminded himself.
He glanced down at his paycheck stub and then at the figure on his calculator. We can’t even make minimum payments this month, he realized. And we just paid for new brakes on the Honda, so that means next month is going to be even worse!
Ed shook his head and sighed. “Becky, I think we’re in trouble.”(5)
Sound familiar? There aren’t many things that can wreak havoc in our lives like debt can. It is a frustrating thing – and here’s the not so funny part – we do it to ourselves! When we go overboard in debt, and when I say overboard I mean that for most families, debts should only account for 5 or 6% of your net spendable income, or the income you have left after you have tithed and paid taxes. When we exceed that amount, we are setting ourselves up for 4 kinds of frustration.
There’s physical frustration. For most, physical frustration usually amounts to no more than upset stomachs and sleepless nights. Debt creates stress on the body that isn’t healthy, and remember, we are to be stewards not only of our finances, but also of the bodies God has given us. This means that we need to take into account our body’s natural reaction to being stressed out under a weight of debt.
Here’s a simple little exercise for you to do while we’re talking about physical stress – add up all the debts you owe this afternoon. Include your home, your autos, all your loans and credit cards – all your debts that aren’t monthly living expenses and get a total. Then divide that total by your hourly wage. The number you get is the number of hours you’ll have to work that body of yours just to pay off the debt you’ve already accumulated assuming you don’t create any more! If you charged $5,000 on a credit card that draws 21% interest and you made more than the minimum payments each month, you’d still have to work over 600 hours just to pay off that one card at $10 an hour. Is that how we want to spend our lives?
There’s emotional frustration. You know what I mean. When people begin to live on debt it begins with a manageable amount, but then as unexpected things arise it is easy to resort to credit to make ends meet. When we ought to pay cash for new tires, they go on the Sears card. When the washer goes out or whatever – debt takes its emotional toll. When we become physically and emotionally frustrated, we naturally become…
Maritally frustrated. Think of the fighting, arguing, questioning, accusing, hiding, lying, and shouting that goes on in many homes over money problems associated with debt. Is your marriage worth that new car? Is it worth the debt? We don’t have to live this way as children of God! And speaking of that…
There is spiritual frustration. Isn’t it hard to draw near to God when we know that we’ve presumed? When we know that we’ve ignored the warnings? After we’ve spent the evening worrying? After we’ve kicked the dogs and cursed the wife? You bet it is, and many of you know exactly what I’m saying. You see, our relationship with God in money is to be one built on trust and patience and contentment. Our relationship with God in money is to be one that says, Jesus, you are the Lord of my finances and I will spend them the way you would have me to. But too often we wait until we are on bottom to make such a statement, and then forget it when we get in the clear. Going overboard in debt flies in the face of trust and patience and contentment. When Jesus ought to be Lord we make our personal wants and wishes lord instead.
Well listen, I don’t know how many of you this has hit home with. I never imagined when I began this series on finances back in January that it would lead to this for me at home. You see, I thought I’d be preaching this stuff because its what the Lord wanted you to hear, and He does want you to hear it. But I’ve been taking a closer look at what the Bible teaches about money than ever before not only for these messages, and not only because of the Sunday School lessons I’m putting together, but also because I have come to realize that my own finances are not what they ought to be.
Let me ask you this very personal question – Would you be willing to bring your checkbook and financial situation up here and show it to your friends in church and be satisfied that what we would see would please the Lord and be in accordance with His Word? Or would you be like me – hoping that I can get some things straightened out before the Lord calls me into account? If you know you have some work to do in this area of debt, let’s talk about how to get out of it and stay out.
How to Get Out of Debt
If you really want to get out of debt, let me point out that it is not going to be easy. It is going to take work, you’ll want to give up and give in, it will cause more fighting and frustration in the beginning, but it will be well worth it. There are four things you need to do.
Stop Borrowing
I like what I found somewhere about fixing the problem. If you went in your home and found it standing in a foot of water the first thing to do would not be to grab a bucket and start bailing – you wade through the water, find the leak and stop it. The same is true with debt. You can’t get rid of what you’ve got until you make the commitment to stop going further into debt. That means all debt – bank loans, auto, credit cards and so forth. Maybe what you need to do is have some plastic surgery done – cut up your credit cards. Financial counselors tell stories all the time about grown people crying when they do this!
Get Some Help
It’s likely that many of us who go in debt get there because we were never really taught at home or school how to handle finances. We certainly don’t learn it at church where it ought to be taught. Find someone to help you with your money. The first place you ought to look is right here in your church. Come to class, talk to someone you can trust and get some help. Of course there are other sources out there that are good and reputable – even if it is buying a good book. If you’ll ask me I can tell you about some after church, but whomever you use, get some help.
Set Up A Budget & Develop New Spending Habits
This is the biblical adage that believers need to put off the old and put on the new. It’s just like a diet. You don’t loose weight and keep it off by not eating, but by not eating the wrong stuff and then by starting to eat the good stuff. You need to pattern your spending habits after the teachings of Scripture.
I’ve covered a lot of ground today, perhaps too much for one message to be able to really cover anything like it deserves to be covered. Debt is a serious problem, and it is one that is holding many of God’s children in bondage today. It is my hope and prayer that you won’t just leave here saying that its been a good message or that it was too long, but that you’ll leave having made a commitment to live by the Bible in every area of life. Sure the Bible teaches us to love and forgive and be nice, but it also teaches us how to spend the money God gives to us to manage. Do yourself a favor and get out of financial bondage for the honor and glory of God.
Before we close, I want to speak about another kind of bondage today that doesn’t have anything to do with finances, but rather with your spirit. If you are hearing this message and you have never accepted Jesus Christ as your personal Savior, the Bible says that you are in spiritual bondage, and because of that bondage, your spirit belongs to Satan and it is destined for hell. Jesus said this to some people one day to which they replied, We’re not in bondage to anyone! They were, and because they refused to place their faith and trust in Christ they died in their sins and are in hell today. Jesus came to set us free – and you can be free too if you’ll admit to yourself and to God that you are in need of a Savior. Your sin separates you from Him and you’ll never get to heaven in that sinful condition. You need a Savior. God demands payment for sin and it’s a payment you can’t make, but Jesus made it for you. He wants to be your Savior, but you’ve got to admit your need for one, repent of your sin and trust Christ to save you and He will. It’s a bondage that doesn’t take any work to get out of – its simply an act of faith! Will you make it today?
Works Cited
1. Howard Dayton in Homemade, June, 1986
2. www.bankrate.com/brm/news/cc/19981019
3. www.cnn.com/US/9712/16/household.debt/
4. Blue, Ron, The Debt Squeeze, Focus on the Family, Pomona CA, 1989. pg. 43
5. Burkett, Larry, The World’s Easiest Guide to Finances, Northfield Publishing, Chicago, 2000. adapted from the story on pages 11-12
