Articles > Debt
What are some of the bad consequences
of debt
Bad Consequences of Debt
by Dianne Becker
“Let no debt remain outstanding except the continuing
debt to love one another.” Romans 13:8 (NIV) Let’s
look at God’s wisdom behind this scripture.
First of all, a person who is deeply in debt is not
free to do the things that a person who has no debt
can. For example, he is unable to save for college tuition,
a dream vacation, or future retirement. Because of little
or no cash flow surplus, he wouldn’t have the
flexibility to increase his education or pursue a career
change. His giving to missions and other Godly endeavors
is limited. Starting a new business would be out of
the question.
Many times a person in debt bondage must work multiple
jobs just to make minimum payments. This would create
stress on his family and may require his wife to work
when she would rather not.
A person in debt bondage is often forced to live a
substandard lifestyle. In many cases, the needs of his
family go unmet because the money must be used for debt
payment. This would be the case for an excessive mortgage
or car payment that is over and above the means to pay.
When an emergency or breakdown occurs, there are no
funds available and more debt occurs. If this happens
repeatedly, credit may no longer be extended or the
person may be forced to pay a much higher interest rate.
Declaring bankruptcy or continually having past due
bills will damage a good Christian witness. The way
a Christian conducts his financial affairs is very important
to his witness in the community. The Bible says, in
Proverbs 22:1 (NIV), that “a good name is more
desirable than great riches; to be esteemed is better
than silver or gold.”
When a man in debt bondage is forced into bankruptcy,
his very integrity is at risk.
God does not condemn you if you are in debt. Don’t
let the enemy condemn you either! God’s Word says,
in Romans 8:1(KJV), “there is therefore now no
condemnation to them which are in Christ Jesus, who
walk not after the flesh, but after the Spirit.”
Let the wisdom of God’s Word teach you and bring
you into freedom concerning your finances.
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