The Trap of Debt

Borrowing money seems like a normal thing to do in our times. The myth that you have to borrow all of the time is a myth that is promoted in commercials, the news, school, and sometimes even the church. But what does the Bible tell us about debt? Nothing good:

“The rich rule over the poor, and the borrower is slave to the lender.” (Proverbs 22:7)

Back in the time that this was written, this was literally true. But today it’s also figuratively true: All that you have and own are tender for the debts that you have. Debt puts all of your assets at risk. It also drains your income, like a parasite that’s hard to get rid of. This restricts what you are able to do in life, and you will never have full control over your finances. It’s even worse when it comes to debt: it’s a well known fact that many marital problems are caused by money problems. Borrowing money for a material gain gives instant gratification, but causes long term pain. So, what can you do to escape debt?

Before I reveal that, I must first burst a few common bubbles: there is no fast and easy way out of debt!!!

I will repeat this again for those in the back: there is no person who will come and save you from debt. No rich uncle, and no business will just outright bail you out. You have two choices: continue to allow the debt to grow until it destroys your life, your marriage, and your family; or do the hard work to get rid of your debt once and for all. Those are the only two choices, no exceptions.

What is the best way to get out of debt and stay put of debt? Follow the Dave Ramsey Plan and persist. His plan is not easy and it’s not fast, but it works. You must understand that the pain of staying in debt will become vastly worse than any pain or sacrifices that you will have to make. But I can assure you that it’s worth it to owe no money. I once had $30,000 in debt and I was able to escape it by following the plan. Can you imagine having no debt, owning no money at all? Can you imagine that if you were able to get your finances in order, how much more peaceful your life and marriage will be? That should be your motive for escaping debt. God warns us of the dangers of debt. To accept the warning and to avoid debt is to be wise.