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

FAQs

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.

Ps 37:21 - The wicked borrows but does not pay back, but the righteous is generous and gives. The Bible is clear that when something is borrowed is should be paid back. Someone refusing to repay reveals a wicked heart and not the generous and giving heart God wants us to have.

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

Deuteronomy forbids taking interest from any person. Other Books of the Bible underline the importance of this prohibition on interest. For example, Psalm 15:5 characterizes a righteous man as one who, among other things, lends his money without usury.

“The wicked borrow and do not repay, but the righteous give generously.” - Psalm 37:21. As Christians, we know that paying our debts is important.

As in Matthew 6:12 above, debts are taken to mean sin. Just as the king (God) had forgiven the debts (sins) of his slaves, so the unforgiving slave should have forgiven the debts (sins toward him) of his fellow slaves. Forgiveness is to replace indebtedness.

“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.

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.

ESV For the whole law is fulfilled in one word: “You shall love your neighbor as yourself.” NIV For the entire law is fulfilled in keeping this one command: 'Love your neighbor as yourself. '

Why is it a sin to be in debt? ›

One who is burdened with debt can live, invest, or do business with money that is not his. And he can live and do business beyond his standards and financial means on debt. Sin is similar to debt precisely in that one - for a while - lives beyond one's (moral or financial) entitlement.

You may require payment from a foreigner, but you must cancel any debt your brother owes you. if only you fully obey the LORD your God and are careful to follow all these commands I am giving you today. For the LORD your God will bless you as he has promised, and you will lend to many nations but will borrow from none.

Debts & loans are Blessings when managed prudently, but become a curse when used abruptly. Gone are the days when our fathers, grandfathers bought house & vehicles in cash. Money generally borrowed from relatives & friends, banking system & credit institutions were not so user friendly and reachable to masses.

If this person rightfully owes you money and refuses to pay, it's a sin and the Church needs to deal with it. Just as with adultery or any other type of public sin, the Church must exercise proper discipline or it ceases to honor God.

Wicked is not a word many want attached to their name. But this is exactly how God describes those who avoid paying their bills. So, does the Bible say that debt, on its own, is a sin? No.

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.

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.

Similarly, in Deuteronomy 15, God says that every seven years, creditors should “remit the claim that is held against a neighbor” because “the Lord's remission has been proclaimed.” In the New Testament, Jesus instructs his followers to pray “forgive us our debts, as we also have forgiven our debtors” (Matthew 6:12, ...

If we take God's Word seriously, we should avoid debt when we can, since “the borrower is servant to the lender” (Proverbs 22:7, NLT). And since Jesus tells us we cannot serve both God and money, we should ask ourselves, before undertaking any debt, How will this affect my capacity to give generously?