Bible verses about debt cancellation
here we will tell you that although the Bible never talks about how to get into debt or treat debts (it does not explicitly prohibit them), it does mention the effects of contracting a loan or even being a lender. In addition, it is also related to how debt can be connected to poverty (both spiritual and monetary) or the consequences of the ambition towards wealth and obsess-indebted-for it.
And no, it is not a sin to get into debt. As the financial rules themselves say: “the problem is not asking for a loan, but how to give it a good handle”, which implies knowing the reasons why it is requested and what the payment will be like.
But also remember that each person can make their own appreciation of what the scriptures say, so here are a couple of clues to better understand the Bible’s teachings on debt:
- Philippians 4:19: “My God, then, will supply all that you lack according to his riches in glory in Christ Jesus.”
Although the promise is real, according to believers, this does not mean that God is going to give you the money you need to pay that debt you got yourself into buying shoes or the latest Xbox game. In itself, it is said that God’s promise is that it will help him meet his needs, but he will not pimp his reckless behavior.
- Psalm 37:21: “The wicked borrows, but does not pay, but the righteous is generous and gives.”
Those people who are not close to God are not kind or pious, they tend to be the ones who borrow the most, but the importance is what happens after that debt: are they the ones who run away and hide to never pay? The teaching is that if you are going to apply for a loan, return what does not belong to you, according to your possibilities.
- Proverbs 11:15: “He who is surety will suffer for a stranger, but he who hates being surety is safe.”
This situation speaks, mainly, of when you put yourself in the guarantee of someone else to back a debt. That is why the most advisable thing is that, even if your kindness leads you to give that help, get out of that condition as soon as you can. But the most useful thing is that you never lend yourself to the situation since most people end up not complying with what we said in the preceding numeral.
- Proverbs 22: 7: “The rich rule over the poor, and the borrower is the slave of the moneylender.”
When you get into debt, you end up working and earning money to be able to pay that debt, but not to improve your quality of life, as it should be. So the idea is that money becomes a way to be a better person and help yourself and others, but not depend on the enslaving power that money can have.
- Romans 13: 5: 7 “Wherefore it is necessary to be subject to it, not only by reason of punishment but also by conscience. Well, for this you also pay tributes, because they are servants of God who continually attend to the same thing. Pay everyone what you owe: a tribute to whom tribute, to which tax, tax, whom I respect, respect; which honors, honors.”
Regardless of whether or not you agree to pay tithing, these lines also teach a valuable lesson about taxes and how taxes can become a way of building community, by being able to give the State resources to develop necessary works.
Practical advice to get out of debt
A recent creditcards.com survey found that about one in five Americans do not believe they will ever get out of debt. Bentley observed, “The true story of that poll is that four out of five Americans believe they can be free, but to achieve that goal, most people need timeless advice from the Bible, not the Wall Street Journal.”
1. “Know your flocks,” Proverbs 27:23 – In Biblical times, a great deal of wealth was tied up in livestock and other animals, so owners were instructed to pay attention to their assets. For us, we too must take stock of our resources and investments. Give yourself a financial checkup.
2. “Earn an honest living and Save,” Proverbs 13: 11- No matter what kind of money you earn, start the habit of saving some of all your income. Most financial planners will encourage you to save 5 to 10 percent of your income. More critical at first than the percentage is the habit of saving, to accumulate resources for emergencies.
3. “He always makes his payments,” Psalm 37: 21- To pay off debt, the best way is to make minimum payments on most accounts, and then put additional resources toward paying off the higher interest debt. This debt calculator snowball can help you stay on track.
4. “Reduce your dependence on money,” Ecclesiastes 5: 10- Money is a tool to achieve our God-given purpose, but accumulating is not our purpose in life. Joy begins with seeing money as our servant and God as our provider and serving people, not things.
5. “Persevere, Do not Quit,” Proverbs 21: 5 Have you not received in debt overnight and do not escape quickly.
“I have seen God move mountains of debt,” said Bentley. “It takes discipline and hard work, but I have never met anyone who regretted becoming debt-free.”