“Let no debt remain outstanding, except the continuing debt to love one another” Romans 13:8

Modern society makes it easy to retain debt, but the Bible is clear on the subject.

Although it sounds simple, tackling the debts that build up in the form of a mortgage, car payments, student loans and credit cards can be more difficult than it seems. Fortunately, the Bible provides guidance on the topic of debt management.

Borrow Wisely

When it is necessary to borrow money, 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.

Repay the Debts

Managing your finances with Christian principals is managing your finances with integrity.

Whenever it is not possible to avoid debt, it is important to repay the debt.

Psalm 37:21 states that “the wicked borrow and do not repay, but the righteous give generously.” It is not possible to give generously when debt is looming over the family and every effort should be taken to repay the debts.

If you find yourself unable to repay your debts but do not want to walk away from them in a bankruptcy, a Christian debt relief program may allow you to at least repay a portion of the debt, an amount that the creditor agrees to, rather than having to walk away from it entirely.

Pay as much as possible into debts that were taken out in the past, but use logic and wisdom when making the decision about how much to pay. It takes time to repay a debt, but making the effort to keep trying is an essential part of following the commands of the Bible.

Keep Trying

When it comes to debt management, a key tip that the Bible provides is that it is important to keep trying and working hard. Proverbs 20:4 states that “sluggards do not plow in season; so at harvest time they look but find nothing.”

Christian debt management can seem difficult, particularly when a financial situation changes and it is hard to make the monthly payments, but the Bible provides information about the next step of reaching for a debt-free lifestyle.

Do not give up! Take steps to repay the debt because it will ultimately result in a great financial harvest.