Going into debt is a really bad idea
Obviously I’m not a financial advisor, but I don’t think I need credentials to offer a lot of good reasons why going into debt is a really bad idea.
This is as much for myself as for anyone else. Lest I or anyone should get the idea that taking on debt is an option, consider the following points:
- Debt enslaves you
The rich rules over the poor, And the borrower is servant to the lender.
Proverbs 22:7
You are a slave, willfully, when you take on debt. (That’s a scary thought.)
We are to be servants of the Messiah, not to anything or anyone else.
“Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law.”
Romans 13:8
- You’re taking on stress too
Being free from debt allows a person the freedom to do as Yahweh would have them do and to be without the stress that comes with debt. Because yes, there is a lot of stress associated with being in debt.
- It’s not a wise use of the money or time Yahweh has given you
If then you have not been faithful in the unrighteous wealth, who will entrust to you the true riches?
Luke 16:11
Ultimately the money and we have (and will have in the future) is all Yahweh’s. What could be done with the money that is paid in interest? Probably a lot of good.
As for time, I recently heard it put, “Debt is owing hours of your life to someone else.”
Those are future hours too—hours you could use for many other productive things.
- Is taking on debt really trusting Yahweh to provide?
And my Elohim will supply every need of yours according to his riches in glory in Messiah Yahushua.
Philippians 4:19
Can we truly say that we’re trusting Yahweh for provision when we borrow ourselves into debt?
- Going into debt is assuming you will live another day
Come now, you who say, “Today or tomorrow we will go into such and such a town and spend a year there and trade and make a profit”— yet you do not know what tomorrow will bring. What is your life? For you are a mist that appears for a little time and then vanishes. Instead you ought to say, “If Yahweh wills, we will live and do this or that.”
James 4:13-15
Every moment of our lives is a gift from Yahweh. To take on debt is to assume that we have a long future in this life to pay it off.
Maybe we do. Maybe we don’t. Either way it’s an unwise position to place yourself in.
So, in summary, going into debt is a really, really, really bad idea.