Achieving Your Financial Potential A Comprehensive Guide to Applying Biblical Principles to Financial Success

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The Debt Trap As I stated earlier, I do not believe the Bible teaches that borrowing money is a sin. However, rarely is it wisdom, either. Because excessive debt is one of the worst problems that people struggle with financially, getting out of debt and staying out of debt is a worthy and profitable goal. Why do many Christian financial planners teach that it is a sin to borrow money? In Deuteronomy 28:12, as God is rehearsing the blessings that will come upon the Israelites for obeying Him, He states emphatically ". . . and you shall lend to many nations, but you shall not borrow." Lifting this verse out of its context, many Bible teachers interpret this to mean that it is a sin to borrow money for any reason from anyone. However, that is not at all what God is saying here. The context of the statement "but you shall not borrow" is not one of a commandment, but rather God is telling the Israelites that He will bless them so abundantly that they will not need to borrow money. Indeed, they were to have such an overflow of finances that they would be in a position to lend to others. Just the fact that God is telling the Israelites that they will lend money to others makes it clear that it is not a sin to borrow money. By definition, if you are lending something to someone, then they are borrowing from you. If it were a sin to borrow, would God tell you to help that person sin? Of course not! However, God's perfect will is to reach a point where we do not need to borrow. This will take time, but by following the instructions in this book, you can get there. Biblical Debt Another passage of scripture people use to teach that debt is sin is Romans 13:8, which says to "Owe nothing to anyone except to love one another. . . ." As I have studied this scripture and others concerning debt, I am convinced that the Bible is not referring to debt as a transaction where one person borrows money from someone else in return for collateral and/or the promise to repay the money. Biblical debt, which the Bible says is wrong, is when you have promised to give something to someone in return for something they have done for you, and then you refuse to honor your word. You owe that person and should pay them what you owe. To not do so is sin. For example, if I tell you that I will pay you $100 for typing several letters for me, once you have typed those letters, I owe you $100. That is a debt I owe, and God says I must pay it. If I do not pay this debt, I have sinned. I either made a promise to you that I was not in a position to keep from the beginning, or I am not keeping my word to you. Both are wrong. Proverbs 11:24 says "There is one who scatters, yet increases all the more, and there is one who withholds what is justly due [emphasis mine], but it results only in want." Debt that is sin is the withholding of what is justly due to someone. When you incur an obligation to another person, you should pay that obligation in a timely fashion. This kind of debt extends beyond money. It can refer to a service you have promised to provide someone. It can be honor that is due an individual. Romans 13 refers specifically to the payment of taxes as an obligation for which we are responsible. Anything we owe someone, for which payment is due, is covered by this biblical concept. With regard to financial debt specifically, it is not a sin to borrow money for the purchase of an item. However, it is a sin not to make each payment as it comes due. The Debt Trap Even though it may not be a sin to carry debt, the reality of the matter is that debt is a downward spiral for most people. They see something they want, but do not have the money to pay cash for it, so they charge it. They justify the purchase by telling themselves that they can afford the monthly payment. Generally, most people do not realize how much money they are spending