What Does The Bible Say About Debt? (The Surprising Truth) (2024)

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What Does The Bible Say About Debt? (The Surprising Truth)? ›

Deuteronomy 15 outlines God's law for debt forgiveness. Every 7 years, all creditors are commanded to cancel any debts. It is called "The Year for Canceling Debts" and represents the Lord's favor to debtors and the poor.

Proverbs 22:26 - Do not become guarantors for debts. Matthew 6:12 - Forgive us our debts, as we forgive our debtors. Matthew 18:27, 30, 32, 34 - Forgive because your debts have been forgiven. Luke 7:42-43 - He who is forgiven much (debt) loves much; he who is forgiven little (debt) loves little.

Let no debt remain outstanding, except the continuing debt to love one another, for he who loves his fellowman has fulfilled the law.

Deuteronomy 15:1-6 (NIV) At the end of every seven years you must cancel debts. 2 This is how it is to be done: Every creditor shall cancel the loan he has made to his fellow Israelite. He shall not require payment from his fellow Israelite or brother, because the LORD's time for canceling debts has been proclaimed.

While the Bible offers many warnings about the dangers of debt, it never says that you are out of God's will or violating one of God's commandments when you borrow.

“The wicked borrows but does not pay back, but the righteous is generous and gives” (Psalm 37:21). To refuse to settle our debts is downright wicked, a gross abdication of Christian character. Debt is not always wrong, but in most cases it is inadvisable.

The Bible makes it clear that people are generally expected to pay their debts. Leviticus 25:39. No one will or should advance any argument against this general proposition.

Don't promise to pay someone else's debt. If you cannot pay, you will lose everything you have. So why should you lose the bed you sleep on?

Proverbs 22:26-27

26 Do not be one who shakes hands in pledge or puts up security for debts; 27 if you lack the means to pay, your very bed will be snatched from under you.

One example comes from Ephesians 4:32: “Be kind and compassionate to one another, forgiving each other, just as in Christ God has forgiven you.” In this sentence, Paul has summarized the biblical message: that we are to be kind, compassionate and forgiving.

Why is debt discouraged in Scripture? ›

Debt is considered slavery.

Proverbs 22:7 reads: “The rich rules over the poor, and the borrower is slave to the lender.” When we are in debt, we're a servant to the lender. We don't have the freedom to decide where to spend our income because it is already obligated to meet these debts.

His Word is there to bless us with wisdom in our minds, and to shape the condition of our hearts. God's will for debt is that it doesn't distract us from loving Him or His people. He wants us to follow His guidance so our relationship with debt can enhance our ability to carry out the true purpose of our lives.

Proverbs 22:7 (ESV) says, “The rich rules over the poor, and the borrower is a slave to the lender.” Whenever we borrow money, whether via a credit card or some other means, we have certain obligations to the lender. We must repay what we borrow.

It doesn't prohibit borrowing, nor does it portray that borrowing is bad. However, sometimes, having to borrow results from not following God's commands (Deuteronomy 15:6 and 28:12), which may lead to excessive debt. Still, the need to pay it back remains.

You might say to God: “Heavenly Father, I lift this person up to you and put this situation in your hands. Please give me wisdom. Please bless this person financially so they will never feel the need to borrow in the future. Your ways are not our ways.

He shall not require payment from his fellow Israelite or brother, because the LORD's time for canceling debts has been proclaimed. You may require payment from a foreigner, but you must cancel any debt your brother owes you.

Lend to those in need.

In Matthew 5:42, Jesus says, “Give to the one who asks you, and do not turn away from the one who wants to borrow from you.”