So you’re ready to upgrade your car? Time for a new smartphone or gadget? You don’t have the cash for this thing…who has that kind of cash?!?! So how do you buy it? Set up a payment plan? Use a credit card? Get a loan? Or is there another way? Is there a way to avoid debt? How can you avoid debt for the time being until you can save the cash?
When we see something we want, or when something we have is getting old and worn out, it’s only natural to want to figure out how to obtain something new! And how to obtain it fast! But hold on…press pause before you put it on the credit card or take out a loan for it. Pause…for just a second!
Let’s look at what common sense and Scripture tell us about debt.
Be sure you consider each aspect of debt and also ask yourself these questions! It is possible you will figure out how to avoid debt altogether!
What Common Sense Tells Us About Debt
Debt contributes to worry and stress. Think about it. How does debt make you feel? Does your debt make you excited about your future? Less stressed? Less worried?
Those questions alone sounded so ridiculous as I typed them. Most likely your debt does NOT make you excited about your future. Taking on debt is apt to cause MORE worry and MORE stress in your future. Your future is controlled by those you owe, even if what you bought is something pretty amazing. Unfortunately, when you buy it with borrowed money, your current paycheck is already promised to your lender.
**By the way, if you’re currently stressed about money, but you’re finally ready to get organized and have a plan, the free Penny Steward Mama budget challenge was created just for you! At the end of each month, we walk you through daily steps to set up your next month’s budget. Whether you’ve never budgeted before or you’re looking to review your current monthly budget, this is for you!**
Debt can be addictive. Once we start collecting some materialistic things and realize we can gain access to them without having the money for them initially, we tend to crave more. We want bigger and better things, whether or not we can truly afford them. Then we get stuck in the cycle of more stuff and more debt, and it becomes more and more work to get out!
Debt ties up our time. It prevents us from making certain decisions that could be of benefit to our family. Instead of having more time to parent our kids well, spend with our spouse, or serve others, we 
must work more. Our debt encourages and even forces us to work overtime or a second job in order to earn enough to meet those future bills coming from our debtors. We can never get that time back.
Debt ties up our money. It prevents us from giving generously. It requires us to continue working to earn more money, yet that money is already promised to our lender. It robs us of the joy of giving freely to those we love and those in need.
Sometimes going into debt can be unavoidable. I get that. And I’m not by any means judging you if you already have debt or if you are considering borrowing for a current need. I simply want you to think of other options before borrowing and putting yourself and your family in bondage to your lender.
Common sense questions to ask before going into debt:
Is this thing worth going into debt for and paying for it with future money? (Remember, you may still be paying for it even after it has exceeded its life!)
Will the benefits of taking on this debt outweigh the risks to my personal life (more worry, more stress, more anxiety, less time)?
Now that we’ve got some common sense questions to consider before borrowing, let’s see what God’s Word has to say.
What Scripture Says About Borrowing Money
The rich rule over the poor,
and the borrower is slave to the lender. —Proverbs 22:7
You were bought at a price; do not become slaves of human beings. —1 Corinthians 7:23
Jesus paid the ultimate price for our sins! He died so we could be free, not enslaved! Debt causes us to be slaves to our lender.
Romans 13:8 Let no debt remain outstanding, except the continuing debt to love one another, for whoever loves others has fulfilled the law.
The above verse implies that debt can sometimes be okay. But it also implies that it should be paid off as quickly as possible. If you’re ready to pay off your current debt, start with these 7 simple steps to get out of debt!
The wicked borrow and do not repay,
but the righteous give generously; —Psalm 37:21
Of course, if we do have debt, we must pay it back. But this verse brings up another issue. When we have debt, it can prevent us from giving generously. The money must go to those we owe instead.
As Christians, we need to prayerfully and wisely consider some questions before going into debt.
Instead of borrowing money now, is there a way I can wait for God’s provision to purchase this item?
Can I use the talents and abilities He has given me to earn extra money so that I can come up with the money in cash and avoid borrowing?
Can I exercise patience and trust in Him while I wait for this?
I have heard countless stories from friends and acquaintances of how God provided when they trusted and waited. They were doing their part too and being good stewards of the money they had. But instead of immediately going out to borrow the money, they waited. They knew God would provide, and He did! Sometimes in ways they never expected!
Here are some of the examples of what came through for them:
Cash from a large household item they no longer needed that they sold
A monetary gift from family provided at just the right time
Borrowing a vehicle from a friend for a short time while they waited for a good-priced reliable, used vehicle that seemed as though God put up for sale just for them!
A surprise envelope of cash showed up in the mailbox addressed to them.
God truly can surprise and delight you when you are willing to wait and trust!
Now let’s sum it all up!
Using common sense and timeless advice from the Bible, we CAN avoid debt!
Common sense tells us a few things about debt so we we can make a wise decision. Deciding what to do about debt now affects our future in many ways!
Scripture also has many verses to make us think before taking on debt. You can become a good steward of what God has given you by carefully considering those verses and asking questions about going into debt from a Biblical standpoint.
Before thinking about taking out that loan or putting a purchase on a credit card, remember to review these thoughts and questions. It is possible God will provide in a different way besides having you borrow from a lender.
Until next time, and as always, steward intentionally.
Heather
What do you think about debt? Do you have some questions you would add to this list? Or some common sense or Scriptural advice? I’d love to hear your thoughts! Comment below or email me at pennystewardmama@gmail.com!
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