The seed of financial problems was probably planted early in our lives when we observed the actions of our parents. Many of us were never taught the basics of how to handle money. As we grew up, we felt that we should immediately have everything that our parents took a lifetime to acquire. So as young couples we start off by paying for our wedding and honeymoon on credit, buying a house that we really couldn’t afford, purchasing two cars and now having two car notes and using credit cards to buy clothes. This type of spending sets the tone for the rest of our lives and it’s virtually impossible to recover. We gradually see our income being consumed by interest and monthly payments. Once the credit card company provides easier access to credit with higher ceilings and lower minimum payments, the cycle is almost complete. The grip of debt is tightened, and this often leads to destruction of personal integrity, bankruptcy, and even the breakup of the family.
Proverbs 22:7 says “the rich rule over the poor, and the borrower is slave to the lender.” This passage is pretty simple to understand. The person who borrows puts him or herself in servitude to debt. When we borrow we are slaves to debt; we are in bondage to the one we borrow from in both time and money. So now, we find ourselves spending all of our time working to make money, so we can pay debt. God’s plan for your financial life is quite opposite from this scenario. In Romans 13:8 it says to let no debt remain outstanding, except the continuing debt to love one another.
Dealing with debt from a biblical perspective is one could be one of the toughest challenges, but it can be done! Here are 5 simple actions items to help you break the power of debt over your life:
- Pray for God to break the power of debt. Matthew 7:7-8
- Believe that God wants you out of debt.
- Set a goal of living on 70% of your income. Tithe 10%, save 20%.
- Follow the biblical guidelines regarding debt. Romans 13:8
- Be a lender and not a borrower.
As we move into the holiday season, let’s remember these simple, biblical principles about dealing with our debt. If we manage our finances and our debt using these tools we can begin on the road to living victoriously in all aspects of our life – including our finances!