Debt seems to be a necessary evil, but it's like a python. When it's out of control, it will choke you to death.
Now, that the economy is going through another major shakeup and people across America are once again watching their savings and college funds dwindle away, what can Christians do to cushion themselves?
I know I'm like a broken record, but we constantly encourage our kids to get out of debt as quickly as possible. They all do very well with handling their money wisely, but I just believe Christian's should live as debt-free as possible. Especially, in the days of financial unrest that American's are living in.
In these turbulent times, being debt-free should be the goal we all work toward. In the Bible, Paul's instructions were simple. He said owe no man anything, but to love him (Romans 13:8). I don't think God means we can never "borrow" anything, because unless you was born into a family of great wealth, that would be virtually impossible. On the other hand, I do believe what the Bible says and it very plainly says the borrower is servant to the lender (Proverbs 22:7). That is a fact. The borrower is definitely servant to the lender.
Right now, with the stimulus package loans are provided for small businesses. Some will absolutely need it to survive, so don't be afraid to accept the offer if you need it. Just remember, it will most likely have to be paid back (some may be forgiven) so PLAN for that in your future.
Though God does not forbid debt, He does warn against it. Why would God care if we have debt? I think it's because He doesn't want His people in bondage. Debt is bondage for some people. When you don't have the money to pay your debts, you know its bondage! As long as payments are comfortable and manageable, you will get along fine with some debt, but if things take a turn for the worse, debt can be what causes you the most stress.
At this point, people who have debt just have it. Nothing can change that. Just please don't make more during this crisis. If you haven't already, please consider starting today to manage your debt. Then, if the American economy defaults, you will survive. #Godisforyou