The Economic Danger of Debt
In the previous lesson, we saw how the power of compound interest works for the saver. On the other side of the equation, that same power works against the debtor.
Three Spiritual Dangers of Debt
- Debt presumes on the future.
“Why, you do not even know what will happen tomorrow…” — James 4:14
- Debt denies God the opportunity to show His love and provision and to teach us through denial.
“These things dominate the thoughts of unbelievers all over the world, but your Father already knows your needs. Seek the Kingdom of God above all else, and he will give you everything you need.” –Luke 12:30-31 (NLT)
- Debt fosters envy and greed.
“…Beware! Guard against every kind of greed. Life is not measured by how much you own.” –Luke 12:15 (NLT)
Biblical guidelines for handling debt
- Repay debt.
“The wicked borrow and do not repay…” –Psalm 37:21
- Avoid debt.
“…the borrower is servant to the lender.” –Proverbs 22:7