Understanding Debts: Financial Wisdom and Spiritual Obligations

Debt represents something owing, an obligation that extends beyond mere financial transactions to encompass spiritual and relational dimensions. This comprehensive exploration examines debt from both practical and biblical perspectives, offering wisdom for financial stewardship and spiritual growth.

Financial Wisdom and Debt Management

Manage your money wisely and endeavor not to go into debt because "The borrower is the servant [at the mercy of] the lender" (Prov 22:7). It is easier to get into debt than clear the liability. Whenever possible, save first and then purchase rather than following the world's way of instant gratification – 'buy now, pay later' – often after the item has lost its appeal or is broken!

Be prompt in settling business accounts, repaying money borrowed, and returning loaned equipment. If possible, pay back mortgages and long-term monetary loans ahead of the appointed time to reduce the total repayment amount that is significantly increased by the interest accrued. Serious consequences can result from the slow or non-payment of debts, including repossession and seizing of other assets, besides any future lending being jeopardized by a poor credit rating.

Being in debt is a symptom of financial bondage because of incorrect money handling. This can be because you are subject to peer pressure to get the latest gadget or spending more than you earn. Freedom in the financial sphere, as with any area, is dependent on knowledge and wisdom together with contentment and the personal discipline of saying 'No'. Budgeting is an invaluable tool, enabling the conscientious user to manage and stay on track with their financial goals.

Before buying, ask do I need it, can I afford it

Biblical Principles of Financial Stewardship

God counsels, "Give careful thought to your ways"; you may be "putting money in pockets filled with holes"! (Hag 1:5-11). Not putting God first in all things means our priorities are not right. God declared people are under a curse of poverty because they do not give to God what is rightfully His – the tithe (Mal 3:8-10). God's economy is based on giving and when we do, we set in action the sowing and reaping principle.

A fuller definition of debt extends beyond the financial realm to anything we owe, an obligation, for a duty not fulfilled is a debt unpaid. When we recognize that all we have comes from God, our perspective on debt and financial management transforms from worldly anxiety to spiritual trust and responsibility.

God doesn't owe us a thing! He is indebted to no one. However, when we live for Him, obey His word, and live justly with man, which is our duty as Christians, He freely blesses us (1 Sam 2:30; Ps 50:23). "Give everyone what you owe him [taxes, respect, or whatever]. Let no debt remain outstanding except the continuing debt to love one another, for he who loves his fellow man has fulfilled the law" (Rom 13:7-8).

The debt we owe God is payable to our fellow man

Spiritual Debts and Divine Forgiveness

When Jesus taught His disciples to pray, "Forgive us our debts, as we also have forgiven our debtors," the debts referred to here are sins (Mt 6:12). Besides confessing (acknowledging) our sin, to receive forgiveness from God we must reciprocate this act of mercy to those who have sinned against us. The Bible clearly states, if we want to be forgiven of the enormous debt we owe to God, we must from our heart forgive our fellow man of the small debt they owe us (Mt 6:15).

The parable of the unforgiving debtor shows we owe God a debt we can never repay (Mt 18:23-35). Gratitude for this gift of eternal life is to be 'repayable' to humans – by loving them, sharing the gospel with them, and by investing time, talents, and finance for the Kingdom of God (Mt 25:40; Eph 2:8-9). A repeated prayer that God would "forgive us our debts" is not necessary for salvation; rather it is an aspect of the continuing process of a healthy walk of relationship with Christ.

Reflection and Application:

Financial discipline begins with recognizing that true freedom comes from contentment rather than accumulation of possessions.
The biblical principle of tithing demonstrates trust in God's provision and breaks the cycle of financial anxiety.
Just as God forgives our spiritual debts, we must extend forgiveness to others, releasing both parties from the burden of unforgiveness.
Budgeting and wise financial planning are not contrary to faith but are practical expressions of responsible stewardship.