Manage your money wisely and endeavour 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 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 is 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 get. Freedom in the financial realm, as with any area, is dependent on knowledge and wisdom together with contentment and the personal discipline of saying ‘No’.
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.
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).
God doesn’t owe us a thing! He is indebted to no one. However when we live for Him, obey to 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
The debt we owe God is payable to our fellow man
outstanding except the continuing debt to love one another, for he who loves his fellow man has fulfilled the law” (Rom 13:7,8).