The Bible and Debt

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Thank you,
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Thanks for a thought-provoking post. I don’t really like thinking of myself as a slave to the bank! Anyway, have you considered writing one one what the Bible says about lending? I believe there are a few verses about not expecting to get our money back and about not loaning at interest. I sometimes wonder if it is wrong to be investing for those reasons — but then the parable of the talents seems to suggest that investing wisely expected of us.

@Shannon
I am with you - banks are getting way too much of our money that needs to be used for Kingdom purposes… As far as writing a post about lending, I probably will write something. I know that there is some disagreement about charging interest on loans - so maybe we can get some responses from the readers about it…

But for now I do have a hefty list of scriptures about lending on the Money in the Bible page

Good post! I agree with your comments above. I have been struggling with the idea of “good” debt as opposed to bad debt. I actually just posted on this myself on a Christian blog site I contribute to (http://prominentthought.blogspot.com/2008/07/good-debt-bad-debt.html). I’d be curious to get your thoughts on the issue if you wouldn’t mind.

I feel like the reason God doesn’t want us to be in debt is to be free to use what he gives us to benefit his kingdom. If debt can be used as a tool to create more income (”good debt”) and help us to reach the point where we can not only be debt free but never have to work a job again would that be an “ok” time to go in debt? Then you could not only give your extra income towards ministry but you could volunteer in the community full time. This would of course be predicated by the fact that your bad debt is paid off and you can comfortably afford to take on the payments for the “good debt” and hopefully pay that off quickly as well.

@Amy
I checked out your article and was going to leave you a comment on your site, but I don’t think comments were turned on… Anyway, I am with you - still trying to find the Biblical truth to the question…

My thoughts on it: I agree with you completely mathematically, it makes sense and is logical and I have read a ton of authors who explain how they make their money with OPM (other people’s money).

The thing I keep coming back to is that often God’s ways don’t make sense in our minds. Think about giving - it doesn’t make sense that if you give you will have more. But it is a principle that I found to be true over and over in my life. Prayer - talking to someone who you have never seen or heard before (sounds crazy doesn’t it ). You know, there are so many other biblical principles that work the same way - requiring Faith rather than our understanding.
So, this is where I have landed on the whole debt issue. No, it isn’t a sin, but I would love to never have to take out another loan as long as I live. I guess you can call it a step of faith if you want to.
Amy, I would love to hear how this resonates with you…

“There are no instances in the Bible where God provides through a loan.”

YES THERE IS!

II Kings 4:1-7 tells the story of the impoverished widow was on the verge of losing her sons because of the debt of her late husband. In verse 3, the prophet Elisha told her “Go, borrow vessels from everywhere, from all your neighbors—empty vessels; do not gather just a few.” God then proceeded to use the vessels to supernaturally provide the funds to redeem her sons from slavery and to provide for the needs of her household.

In fact, the size of this miracle was limited to how many vessels the widow could borrow!

Also, God’ provision was for a lot more than settling her debt. Our God is a God of more than enough.

Note also that God used what the widow already had. We are not limited from God’s blessing based on what we DO NOT have.

While the Bible generally does not encourage debt, this passage does indicate that there are instances in which it is appropriate — and even encouraged!

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@CoolHappy
You are right! I stand corrected… I have read that passage enough that I should have remembered it, but didn’t I was making that statement based off of something Larry Burkett said - I will quote him from now on!

Thanks for pointing that out and while I think we are in agreement about Debt, it is good to keep this in mind…

@bob

Thanks for your comments! The blog owner has comments turned off. I was just asked to do a guest post on there this week. Anyway, I also agree with that you said. God does work in mysterious ways. It never ceases to AMAZE me how God comes through for us and I’m pretty sure it’s because of tithing. It really does come back to you many times over and besides that it’s fun to do.

My husband and I are still trying to work our way out of debt right now so we’re in no position to try to use other people’s money to make more money. I still don’t know that I’d rule it out in the future though. God tends to do things that surprise me usually and he’s not without a sense of humor. I think for now I’ll just ponder it in my heart and see if He answers in His own time. I will do some hard praying before getting into debt again though, after working so hard to get out in the first place.

This is a great post. Thank you for pointing out what the Word of God says. Many people just don’t know what God’s Word says because they don’t engage in it themselves.

Principles like freedom and debt are plainly displayed in his Word for all to see.

Thanks for putting all these scriptures together.

After thinking it over, I realized that I might have left the wrong impression in my previous post. I did not intend to imply that entering into debt is necessarily sanctioned by the Lord.

Yes, there was an instance in which the Lord used debt as an instrument in His miraculous deliverance. However, we should reflect:

-This was an EXTREME case: Essentially, the widow was going to lose her sons.
-The widow sought the Lord in her circumstances. She pleaded with prophet, the mouthpiece of the Lord.
-The debt of her spendthrift late husband got her into this mess presumably with no provision to escape (a Biblical endorsement of life insurance?)
-The Lord provided the means to pay off the debt. At any point, she could return the jars. More important, the benefit from the borrowed items (jars) was a source of ongoing income.
-The debt was for a long-term benefit. No spontaneous purchase here.
-This is one of the few (only?) POSITIVE references to borrowing.
-The bulk of scripture exhorts a very sober and deliberate use of debt.

Yes, the Lord used debt as a means for this woman’s deliverance. However, I would submit that He preferred that her late husband would have exercised wisdom in his lifetime so that she would not find herself in this mess in the first place! (see Proverbs 30:25, 1 Timothy 5:8, et al.)

@CoolHappy

Ummmm…. no. I’m not buyin’ that.

II Kings 4:7
“Go, sell the oil and pay your debts. You and your sons can live on what is left.”

She was told to collect empty VESSELS. JARS. Not money. She was then told to fill the jars with oil that she had and sell it. She did not solve her problem via a loan. Ever borrowed a cup of sugar from a neighbor?

[...] The Bible and Debt @ Christianpf.com [...]

[...] Finance Blog posts on the worst financial advice given Christian Money and Finances discusses what the Bible says about debt The Personal Financier talks about why budgeting should be a family activity In Debt Because I Like [...]

Great post!

The bible is a pretty neat “playbook” for life. So many people ignore their debts and in the end hurts all humanity.

[...] The Bible and Debt [...]