Lesson 5 Review: Dealing With Debt

 

Introduction

Memory Text: “The rich rules over the poor, and the borrower is servant to the lender” (Proverbs 22:7, NKJV).

The Bible discourages debts, but there are many often-bad consequences to borrowing money, though the Bible does not say borrowing money is bad. Romans 12:7,8 says, “Render therefore to all their due: taxes to whom taxes are due, customs to whom customs, fear to whom fear, honor to whom honor. Owe no one anything except to love one another.”

What are the three primary reasons why people get into financial difficulty?

The first is ignorance, the second reason for financial difficulties is greed, or selfishness — many people just don’t want to live according to their income, some feel they are too poor to tithe, and so on. The third reason people find themselves in financial difficulty is personal misfortune.

What do the people in debt need to do?

Those in debt will need to make some changes to their lives, their spending, and their financial priorities.

What two choices do we have as Christians to follow?

We can either serve God or mammon. We can let God take the lead or our riches.

What attitude should God’s people live with?

Our attitude should be an attitude of thanksgiving, an attitude of worship to God for what He has done for us. Praise, thanksgiving, paying of vows are inclusive. In every right way, we should support the church through tithes and offerings and by personal effort and influence.

What are the steps to eliminate debt?

The premise is a commitment to God to be faithful in returning His holy tithe to access His wisdom and blessing.

Step 1 is to declare a moratorium on additional debt, we should not get into further debt.

Step 2 is to make a covenant with God that from this point on, as He blesses, you will pay off your debts as quickly as possible.

Step 3 is the hands-on practical part. Make a list of all your debts, from the largest to the smallest, in descending order. Starting paying the dents from the bottom of the list, eliminating the smallest debt. Use the money you were paying at the bottom to add to the next debt as you work your way up the list.

What does the Bible say about cosigning?

“The Bible says we should never do that.” Please understand that the Bible encourages us to be helpful to those in need but we should not become surety for the debts of others. (Proverbs 6:1-5, Proverbs 17:18 and Proverbs 22:26).

What does the Bible say about Get-Rich-Quick Schemes?

Proverbs 28:20 says those who hasten to get rich will not go unpunished. When it sounds too good to be true, it surely is. Do not get pulled into one of these schemes, run.

What term limit does the Bible give to debts?

The longest anyone could be in debt was seven years.

What can we take from the seven-year term limit?

They do show that God cares about these kinds of financial issues, especially when, at the time, they are concerned about fellow Israelites. They also show that God acknowledges the reality of debts. He also emphasized that it was to be avoided as much as possible.

What principle should we take for ourselves with regard to borrowing?

‘To whatever degree humanly possible, we should seek to avoid debt, and by following biblical financial principles in our everyday lives, we can go a long way in avoiding unnecessary debts and the terrible strain it can put on us and our families.’

In Conclusion,

The Bible discourages debts; we are to owe no one anything but to love one another. By following God’s ideal, we can completely avoid these debts in an unideal world. God also is concerned about our financial status, hence the reason why He has given principles that should guide our economic life, above all, we should put God first and debts will be far from us in Jesus’ name.