Have you ever wondered what the Bible says about debt? There are many Bible verses about debt that offer timeless wisdom. Understanding a biblical perspective on this topic can help us make wiser decisions when managing money, paying off debt, and avoiding it altogether.
I believe God’s desire in the Bible is for people to experience financial freedom. As a Christian, I know that I can better serve and make any impact when free from the burden of debt.
Below, I explore several Bible verses about debt and their practical lessons for managing money wisely.
Avoiding Debt
Proverbs 22:7 – “The rich rule over the poor, and the borrower is slave to the lender.”
Debt can feel like bondage. Car loans and credit card debt can make people feel trapped. Monthly payments limit financial freedom and prohibit using resources as one is led.
For example, while it’s tempting to buy a new car, signing a loan locks you into years of payments. Even though the car might be exciting at first, the obligation to pay every month can quickly become overwhelming. This verse reminds us to consider the long-term impact of debt before taking it on.
Repaying Debt
Proverbs 3:27-28 – “Do not withhold good from those who deserve it, when it is in your power to act. Do not say to your neighbor, ‘Come back later; I’ll give it tomorrow’—when you now have it with you.”
The Bible emphasizes the importance of repaying what we owe. Sadly, some try to evade their debts or file for bankruptcy prematurely, avoiding responsibility for borrowed money.
Being responsible with debt means paying it back, even if circumstances change. While financial difficulties can arise, we are called to honor our commitments and work diligently to repay, even if it takes longer than expected.
Debt Presumes on the Future
James 4:13-14 – “Now listen, you who say, ‘Today or tomorrow we will go to this or that city, spend a year there, carry on business and make money.’ Why, you do not even know what will happen tomorrow. What is your life? You are a mist that appears for a little while and then vanishes.”
Taking on debt assumes we know what the future holds, but life is unpredictable. For instance, you might take out a five-year car loan, only to lose your job a year later. The payments you once thought manageable now become a heavy burden.
Similarly, using credit cards for expensive purchases can backfire if unexpected expenses, like medical bills, arise. This verse encourages us to avoid presuming on the future and to approach debt cautiously.
Cosigning Loans
Cosigning loans is another financial decision the Bible advises us to avoid.
Proverbs 22:26-27 – “Do not be a man who strikes hands in pledge or puts up security for debts; if you lack the means to pay, your very bed will be snatched from under you.”
Proverbs 17:18 – “A man lacking in judgment strikes hands in pledge and puts up security for his neighbor.”
Proverbs 6:1-5 – “My son, if you have put up security for your neighbor, if you have struck hands in pledge for another, if you have been trapped by what you said, ensnared by the words of your mouth, then do this, my son, to free yourself… Free yourself, like a gazelle from the hand of the hunter.”
Cosigning puts your finances at risk. Often, the person needing a cosigner has struggled with payments in the past. If they fail to repay the loan, you’re left responsible. These verses caution us against taking on such risks.
More Bible Verses About Debt
Here are additional Bible verses that reflect God’s principles on debt:
Romans 13:8 – “Let no debt remain outstanding, except the continuing debt to love one another, for he who loves his fellowman has fulfilled the law.”
1 Corinthians 7:23 – “You were bought at a price; do not become slaves of men.”
Deuteronomy 15:4-6 – “However, there should be no poor among you, for in the land the LORD your God is giving you… He will richly bless you if only you fully obey the LORD your God… You will lend to many nations but will borrow from none.”
Deuteronomy 28:1-2, 12 – “If you fully obey the LORD your God… the LORD your God will set you high above all the nations… The LORD will open the heavens, the storehouse of his bounty… You will lend to many nations but will borrow from none.”
Deuteronomy 28:15, 43-45 – “However, if you do not obey the LORD your God… The alien who lives among you will rise above you higher and higher, but you will sink lower and lower. He will lend to you, but you will not lend to him.”
Key Takeaway
The Bible offers clear guidance: debt is a form of bondage. God’s desire is for His people to live free from the constraints of debt, allowing them to serve Him fully and bless others.
That said, the Bible doesn’t mention anything about debt being a sin. If you find yourself in debt (not everyone is in debt because of careless decisions), pray about it and seek counsel to come up with a plan to get debt free and avoid future debts the best you can.
What are your thoughts on these Bible verses about debt? How have you applied these principles to your financial decisions? Share your experiences below!
