The bondage of debt

The following is a guest post from Kevin who writes for 20smoney.com

The Debilitating Bondage of Debt

Debt is ruining the lives of many individuals today. As a whole, our society has bought into an idea that borrowing from the future to live today is a sound financial strategy. Unfortunately, the bills are coming due and for many, these bills are unable to be paid.

The problem with debt is that it puts someone into bondage. I don’t believe that this type of bondage and this type of lifestyle is what God desires for us. I do believe that we’re not intended to be slaves of debt.

The bondage that debt inflicts prevents us from enjoying many freedoms. The main one is the freedom to allocate the fruits of your labor towards appropriate areas. These areas might be: your needs, charity and tithing, saving for retirement, and yes, your lifestyle.

Our money is God’s money

I believe that we are to be responsible with our money because in reality our money is God’s money. We are stewards of it. Using our money to pay interest on debt we have incurred is not the proper use of God’s money. While a mortgage can be a useful tool in providing shelter for oneself, an excessive mortgage to fund an excessively large home can definitely be characterized more as greed than a useful tool.

I believe we should be responsible with our money, keeping our lifestyle within the limits of our income. The responsibility can also include tithing and giving to the church. Giving is a very useful tool with regards to keeping your heart in check when it comes to money. As the Bible says, you cannot serve both God and money. Giving your money away is a very tangible way to keep yourself in check according to this principle taught in Matthew 6:24.

Living a reasonable and responsible lifestyle and consistently giving should not be two burdens that we are tasked with. They are two freedoms that we have the pleasure of living out. These freedoms are to be enjoyed! These freedoms will keep us away from the bondage of debt. Ask yourself how much better off would countless individuals be if they were to follow these two ideas with regards to their money? How many people would happily choose to go back in time and give away 10% of their money if it meant helping them avoid the desperate debt hole in which they find themselves in today?

The last point I wish to make regarding debt is that we need to understand the differences between assets and liabilities. Being responsible means to invest in assets that will pay us a return or pay interest. When we incur debt, we pay someone else interest and we become their asset.

Financial freedom is a fantastic goal for everyone. I don’t recommend pursuing investing, excellence in money management and other financial pursuits for the sake of accumulating nicer and nicer things over time. I do, however, recommend these pursuits in order to achieve financial independence and financial freedom. Financial freedom removes stress, it adds to your quality of life much more than a nicer car or home, and it allows you to live more closely to how God desires us to live.

It is my hope and prayer that more and more people use the resources of this blog and other financial blogs to eliminate debt in their lives and escape the bondage that it brings to their lives. Fewer things would improve an individual’s life more and in the process, make our country and society stronger than to have millions of individuals embrace the idea of financial freedom.
















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5 Comments
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  1. Wow! What a perspective…if the money we hold really isn’t ours anyway since it’s God’s…what right do we have to squander it?? Yes, debt is bondage and FREEDOM is available…the message needs to be spread!

  2. Absolutely spot-on! That’s why I love CPF! All articles written and submitted are from a God-honoring perspective.
    Debt is bondage- Proverbs says it this way: “The rich rule over the poor, and the borrower is servant (slave) to the lender” (Proverbs 22:7- NIV).
    When in bondage, it is difficult to see the clear path out. Sometimes that path seems impossible…as the Israelites felt in Egypt. The path is complicated, but so is staying there!
    Having the focus to get out of debt…slow and steady pace out!…allows us to live and give the way God has intended.
    Great article!

  3. Hi

    Just found your site and consider it a wealth of information, and as stated above God centered information.
    The above article is absolutely great, and also as stated previously, needs to be published wide-spread.
    I have been in the debt trap, (but calling those things that be not as though they were, [Rom 4:17]), I have recently been freed from this vicious monster of debt, and presently, all of my debts are cancelled, paid in full and I am now declared debt free.
    Thanks again for every thing included on your site Bob.

  4. This site is very informational and has been of a great help to me. I totally agree that debt is bondage and that we can be free from it by an awesome and mighty God. My prayer is to become debt free so that I can double my tithe and giving to missions. These are both of great importance to me and as long as I am indebted to others; I am unable to give all that I desire to give to the Lord and others. Through prayer, fasting and obedience I can be delivered.

  5. Excellent! Absolutely excellent article. Thank you.

    I have a question for you, if I may. I’m an old guy and looking at retirement in 10 years or less. Finally just got our last kid thru college (debt-free – yay!) And now it’s time for my spouse and I to focus on ourselves, i.e. get the mortgage paid off and fully fund our retirement. Youngest son just announce he wants to go to law school. Even with some very generous scholarships, he’s going to have to go into debt (big time) to get that education. I think that’s an investment he’ll be making in himself, but I’m not sure.

    Would you (and your readers) be willing to share your thoughts on this with me? Thx.

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