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What are some of the bad consequences of debt

Bad Consequences of Debt
by Dianne Becker

“Let no debt remain outstanding except the continuing debt to love one another.” Romans 13:8 (NIV) Let’s look at God’s wisdom behind this scripture.

First of all, a person who is deeply in debt is not free to do the things that a person who has no debt can. For example, he is unable to save for college tuition, a dream vacation, or future retirement. Because of little or no cash flow surplus, he wouldn’t have the flexibility to increase his education or pursue a career change. His giving to missions and other Godly endeavors is limited. Starting a new business would be out of the question.

Many times a person in debt bondage must work multiple jobs just to make minimum payments. This would create stress on his family and may require his wife to work when she would rather not.

A person in debt bondage is often forced to live a substandard lifestyle. In many cases, the needs of his family go unmet because the money must be used for debt payment. This would be the case for an excessive mortgage or car payment that is over and above the means to pay.

When an emergency or breakdown occurs, there are no funds available and more debt occurs. If this happens repeatedly, credit may no longer be extended or the person may be forced to pay a much higher interest rate.

Declaring bankruptcy or continually having past due bills will damage a good Christian witness. The way a Christian conducts his financial affairs is very important to his witness in the community. The Bible says, in Proverbs 22:1 (NIV), that “a good name is more desirable than great riches; to be esteemed is better than silver or gold.”
When a man in debt bondage is forced into bankruptcy, his very integrity is at risk.

God does not condemn you if you are in debt. Don’t let the enemy condemn you either! God’s Word says, in Romans 8:1(KJV), “there is therefore now no condemnation to them which are in Christ Jesus, who walk not after the flesh, but after the Spirit.” Let the wisdom of God’s Word teach you and bring you into freedom concerning your finances.


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