Debt Busters

Collage & marker on paper by Chiappetta 2007, edited in GIMP program.

Is having debt bad? Is it possible to bust out of debt? Here is a sentence you never want someone to say to you; "You owe lots of money. Now we own you."

Yet fully stated or unsaid, it is a phrase that a growing number of people are falling into. People are in financial debt. As you talk to more and more folks, you might think that, "everybody's doing it... everyone is in some kind of debt." Whether it be known as respectable debt such as a home mortgage and student loans, or not-so-respectable debt such as maxed-out credit cards or overdue bills, debt is debt. Just because everyone might be in some sort of debt, does that make it safe, or even right? And is it possible to bust out of debt? Let's investigate what God has to say about debt.

Debt Busters: A Study on Finances and Your Spirit

Matthew 18:23-27
23 "Therefore, the kingdom of heaven is like a king who wanted to settle accounts with his servants.
24 As he began the settlement, a man who owed him ten thousand talents was brought to him.
25 Since he was not able to pay, the master ordered that he and his wife and his children and all that he had be sold to repay the debt.
26 The servant fell on his knees before him. 'Be patient with me,' he begged, 'and I will pay back everything.'
27 The servant's master took pity on him, canceled the debt and let him go."

- God is forgiving. He is willing to cancel debt.
- But are people in the world forgiving about debt like God is?

Matthew 18:28-30
28 "But when that servant went out, he found one of his fellow servants who owed him a hundred denarii. He grabbed him and began to choke him. 'Pay back what you owe me!' he demanded.
29 His fellow servant fell to his knees and begged him, 'Be patient with me, and I will pay you back.'
30 But he refused. Instead, he went off and had the man thrown into prison until he could pay the debt."

- The world is typically unforgiving about debt.
- The world is unlike God and unforgiving.
- Harsh creditors and harsh treatment can come to those in debt.
- Debt can deposit you into a world of trouble and even rob your freedom.

Deuteronomy 15:1-3
1 "At the end of every seven years you must cancel debts.
2 This is how it is to be done: Every creditor shall cancel the loan he has made to his fellow Israelite. He shall not require payment from his fellow Israelite or brother, because the LORD's time for canceling debts has been proclaimed.
3 You may require payment from a foreigner, but you must cancel any debt your brother owes you."

- God set up rules to protect his people from long term debt.
- His rules are in place to shield you.
- He knows that long term debt can leave you without a shield (unprotected).

Deuteronomy 15:6
"For the LORD your God will bless you as he has promised, and you will lend to many nations but will borrow from none. You will rule over many nations but none will rule over you."

- God does not want his people borrowing from the world (in debt). Why?
- When this principle is ignored, many nations (or corporations) will rule over you.

Job 24:9
"...the infant of the poor is seized for a debt."

- Debt can lead to slavery.
- According to Newsweek (8/27/2001 issue), "Sixty percent of American families actually spend more than their after tax income..." That's the majority of families. They are gambling with their future.
- Has your spending put your family at risk?

Romans 13:8
"Let no debt remain outstanding, except the continuing debt to love one another, for he who loves his fellowman has fulfilled the law."

- God wants your debt to be over and done with. Only one debt should remain: you owe it to love one another.
- Getting out of financial debt is a command.
- If you get a monthly letter or phone call from creditors hounding you to pay your debt, that stands out. It's an "outstanding" debt that God wants you to have a plan to get out of.
- God does not want you to let your outstanding debt continue.

So what will it take for you to get out of debt and/or stay out of debt?

Action step 1) Don't serve money.

Matthew 6:24
"No one can serve two masters. Either he will hate the one and love the other, or he will be devoted to the one and despise the other. You cannot serve both God and Money."

- In attacking the debt in your life, don't be overly consumed with money. That's worry, which is faithlessness.
- Keep a godly perspective by putting God first (Matthew 6:33) because it's impossible to serve God and money.
- When you overspend and get into debt, you run the risk of serving money. Why? Because debt can bring worries and family fights that may consume you. Money becomes your master. You might work more hours. The end result is that you end up serving money. Beware of this. If you serve money, you're despising God.

Action step 2) Get help from a leader.
A leader is someone who walks the walk in finances and in spirit.

1 Samuel 22:1-2
1 "David left Gath and escaped to the cave of Adullam. When his brothers and his father's household heard about it, they went down to him there.
2 All those who were in distress or in debt or discontented gathered around him, and he became their leader. About four hundred men were with him."

- People in debt need to seek leadership (discipling) to get out of debt. Those with David were willing to do something radical about their living situation (including their debt). Are you?
- Those with David were in a cave: sounds uncomfortable. To get out of debt, you've got to get out of your comfort zone.

Proverbs 12:15
"The way of a fool seems right to him, but a wise man listens to advice."

- Get advice about your spending, don't be a fool.

Action step 3) Deny self.

Luke 9:23 "...If anyone would come after me, he must deny himself..."

- Often debt is a result of undisciplined living, which includes undisciplined spending. This is an unwillingness to deny self.
- Living beyond your means can be selfish.

Action step 4) Be shrewd with money.

Matthew 10:16
"I am sending you out like sheep among wolves. Therefore be as shrewd as snakes and as innocent as doves."

- Being shrewd is a command. Do this with your spending. Just a few examples of shrewd spending:
- Pack a lunch rather than pay to eat out.
- When eating out, don't buy your beverage. Have water.
- Use a bicycle, walk or take public transportation when possible.
- If you have to buy something, look into buying used items (clothes, DVDs)
- Don't buy a book or a DVD that you can use from the library for free. (Aside from your Bible)
- Buying fresh fruit and vegetables for snacks instead of processed junk food snacks will save you a hundreds of dollars each year. What is processed junk food? If it's not in the fruit and vegetable section of the grocery store, and it's in a bag or box with a fancy design, it is most likely junk food (which will also make you fat).

Proverbs 17:16
"Of what use is money in the hand of a fool, since he has no desire to get wisdom?"

- Don't be a fool with money. That is useless. Being a wise spender is being shrewd.

You can be a shrewd spender, but still be generous. The key is spending only on essential items for your family. Then you'll find that there will be more money for God's work and for others. That's where denying self comes in. So...

Don't serve money. Serve God.
Get help from a leader who has wisdom and walks the walk.
Deny self.
Be shrewd with money.
Then (with God, patience and discipline), you can begin to bust out from under the shackles of your creditors and become debt-free.