It is better that you should not vow than that you should vow and not pay. Ecclesiastes 5:5
“Why is the topic of debt so important? For many people, debt has become not the exception but the rule. The average American family devotes one-fourth of its spendable income to outstanding debts. Since 1945, consumer debt in the United States has multiplied thirty-one times. The IRS calculates that the average filer spends ten times more paying interest on debts than he gives to charitable causes. If evangelical Christians were out of debt, hundreds of millions of dollars would be freed up for God’s Kingdom. Our families would be stronger, because financial pressure caused by indebtedness is a major factor in most divorces…
One hundred years ago, debt was regarded as an earned privilege for the few — entrepreneurial businesspeople or farmers who faced hardship such as their crops being devastated by a tornado. Now it’s seen as an inalienable right for all. Borrowing has become an integral part of our lives. Why do banks and credit companies repeatedly beg me to borrow from them, listing dozens of ways I could use the money? The answer is simple — they want me to borrow because they will profit greatly from my debt. In some cases I also may benefit, but in most cases, unless I have chosen very carefully, I will experience more harm than benefit…
What should we ask ourselves before going into debt? Before we incur debt, we should ask ourselves some basic spiritual questions: Is the fact that I don’t have enough resources to pay cash for something God’s way of telling me it isn’t His will for me to buy it? Or is it possible that this thing may have been God’s will but poor choices put me in a position where I can’t afford to buy it? Wouldn’t I do better to learn God’s lesson by foregoing it until — by His provision and my diligence — I save enough money to buy it?
What I would call the “debt mentality” is a distorted perspective that involves invalid assumptions: We need more than God has given us. God doesn’t know best what our needs are. God has failed to provide for our needs, forcing us to take matters into our own hands. If God doesn’t come through the way we think He should, we can find another way… Those with convictions against borrowing will normally find ways to avoid it. Those without a firm conviction against going into debt will inevitably find the “need” to borrow…
It’s one thing to trust God to provide for our present needs. It’s another to presume upon Him by dictating the terms of His future provision. Do we dare try to maneuver God into a position by which we significantly increase our future needs through debt, then claim He’s promised to meet our needs? In such cases, debt is not only unwise but evil. To expect God to meet needs we manufacture through indebtedness is an attempt to manipulate the Almighty. Assuming the role of master, we demote God to the obedient genie who exists to grant our wishes, underwrite our causes, and fulfill our agendas. If debt has become your master, I highly recommend finding wise advisors.”
Randy Alcorn in Managing God’s Money: A Biblical Guide (Carol Stream: Tyndale House, 2011) 165-177. These excerpts come from an outstanding chapter, entitled, “Debt: Finding Freedom and Wisdom.”
This post is admittedly long, and the startling statistics and truths speak for themselves. They urge us to avoid debt at all costs! So, here’s all I will add. I dedicate today’s post to a dear brother that helps people get out of debt. His name is Travis Shelton. He’s a faithful reader of these Daily Meditations, but more than that, he’s a wise advisor that roots his get-out-of-debt counseling in biblical teaching. For an example of how he helps couples get out of debt, check out this episode of Life Starts Now: Becoming Debt Free that features a young couple that paid off $42,000 in debt in 11 months. Share it with anyone you know who has debt, and let me know if you want me to connect you to Travis.