Modern society makes it easy to retain debt, but the Bible is clear on the subject. Romans 13:8 says we should “Let no debt remain outstanding…” Although it sounds simple, we all know that tackling the debts that build up in the form of a mortgage, car payments, student loans and credit cards can be incredibly challenging. Fortunately, the Bible provides guidance on the topic of Christian debt management.

Borrow Wisely

When it is sometimes necessary to borrow money, it should not be done carelessly or on a whim, and we should be sure to use the funds wisely.

In 2 Kings 4:1-6, the Bible tells the story of a widow who was facing the loss of her children to slavery. She needed money, but the only solution available was borrowing jars from her neighbors.

Although the woman borrowed jars from others, the result was enough income to repay her debts to the creditors and protect her children. The Bible tells us to avoid debt whenever it is possible, but recognizes that sometimes it is not possible to avoid debt.

The key lesson is that it is important to apply wisdom to each transaction. Borrow only with the purpose of investing in the future, such as taking a student loan to pay for the education that will provide the opportunity to avoid debt in the future, or an investment in a home that will provide shelter for your family.

Repay the Debts Promptly

“The borrower is slave to the lender” Proverbs 22:7

Whenever it is not possible to avoid debt, it is important to repay the funds promptly. Just because you opted for a 30 year mortgage does not mean you must take 30 years to pay it off. Not only will you have the burden of debt lifted sooner, you can also save quite a bit of money as well.

Keep Trying

“sluggards do not plow in season; so at harvest time they look but find nothing.” Proverbs 20:4

When it comes to Christian debt management, a key tip that the Bible provides is that it is important to keep trying and working hard. Even if you have fallen behind on your debts, it is important that you make every effort to get back on track by working directly with your creditors and lenders.

If this doesn’t work, speak with a one of our advisors for a free consultation to see if you might qualify for any programs to help you regain control of your finances.