The Biblical View of Debt and Borrowing

James H. Willis, III
Founder and President
The Willis Agency, Inc
1 Peter 5:7

Oh boy, this is either bad timing or good timing today! Our topic in this issue of Biblical Finances is on Debt and Borrowing—and right after Christmas, too. Sorry folks. Honestly, if you went into debt a lot for Christmas, I think you should speak with God about that. He may help you realize your priorities, especially if you are increasing your debt and probably your burden in this life. Hey, don’t be one of those people that complain to God about your finances and shortness of money if you are the one overspending. That’s not God’s fault, now is it?

Yes, I know this whole topic is counterculture. All the TV commercials, ads in the newspapers, popups on our phones and computers—it’s non-stop!! But you and I must control ourselves from “spontaneous spending.” We must!! It is the foundation of all of our finances. It really doesn’t matter how much you make in itself because it also includes your spending.

Here is a good phrase I actually learned back in the 80’s when I was being ordained: “If your outgo is more than your income, then your upkeep will be your downfall.” Simple really—don’t spend more than you make. Don’t do it, it really hurts you. Borrowers are always “indebted” to the lender. No one knows what is going to happen tomorrow and to presume on the future is very risky.

Albert Einstein once referred to “compounding interest” as the eighth wonder of the world. When we reverse the positive growth of interest to the negative growth of interest owed, it becomes a ravaging beast attacking our home.

I’d like to end with the 7 Principles of Debt and Borrowing:

1) Borrowing in itself is not a sin.
2) Borrowing may deny God an opportunity to show up.
3) Borrowing always presumes on the future. It is not guaranteed.
4) Having debt with the inability to repay on a timely basis is bondage.
5) Debt is almost always symptomatic of a spiritual problem.
6) When we borrow on consumptive wants, it will sentence one to a reduced lifestyle. What takes 6 months to get into debt will take 6 years to get out of debt. The future will be limited in its freedoms.
7) Husbands and wives must be in perfect agreement regarding borrowing.
I haven’t always done it right, but when I do, it is a very powerful feeling and a pleasurable lifestyle. If we can use our personal disciplines, we will experience personal delight, and we can do this with God’s help.

Caring for you and yours,

Verses for reference:
Proverbs 22:7, James 4:13-15, Proverbs 22:26 & 27, Luke 14:28 & 16:11


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