The Bible makes it clear: debt isn’t just a financial burden—it’s a spiritual one. While it may not be a sin, Scripture warns that the borrower is servant to the lender (Proverbs 22:7, Romans 13:8). This is a stark warning. When we take on debt, we are essentially promising away our future income and our freedom. We become obligated to someone or something else, and that can have profound consequences for our ability to be generous and obedient to God. As disciples of Jesus, we need to be prayerful and thoughtful with regard to how we view debt.
Smart Stewardship, Not Reckless Borrowing
We live in a world where debt is the norm, but that doesn’t mean it’s God’s ideal for us. When considering debt, we need to critically ask: “Does this loan finance an appreciating asset that fits within my budget?”, or “Does it fund my month-to-month expenses?” Debt should not be taken out to fund living expenses like clothing or eating out. This type of debt should be avoided, and we should seek to get out of it as soon as possible (Pro 6:1-5). In a volatile economy, where interest rates can change overnight, wise borrowing demands humility, clear planning, and accountability to trusted advisors.
If we incur debt, we need to get clarity on the impact of interest and the total amount we end up paying for something. When it comes to the biggest sources of personal debt, like mortgages and car loans, a little wisdom goes a long way. For a home, a significant deposit makes a substantial impact in the long run on the total cost. Choosing a shorter repayment term or negotiating a lower interest rate can save you tens, or even hundreds, of thousands of rands in interest over the life of the loan. Think of all the resources that could be freed up for kingdom-focused giving! For a car, instead of chasing the latest model, cultivate contentment. Pay off your vehicle debt swiftly and drive your car well after it’s paid off.
Your Path to Freedom from Debt
The journey out of debt begins with a prayerful heart, a clear plan, and a disciplined budget. Take a close look at your financial picture by listing all your assets and liabilities. Then, commit to a strategy:
- Sell unused possessions to accelerate your progress.
- Tackle high-interest debts first to build momentum.
- Track every liability to maintain transparency and accountability.
As you make each repayment, you are not just reducing a balance—you are deepening your dependence on God and testifying to the power of the gospel to transform every area of your life. Every step toward debt freedom is a step toward greater financial and spiritual liberty.