In a world with many economic demands and failing national economies, many grapple with debt burdens. Both individuals and institutions are implicated in indebtedness. Nations are not left out as many nations struggle to service debt burdens imposed on them by their past leaders. The current precarious economic reality has opened a window of opportunity for many loan and lending agencies that thrive on the high-interest rate being paid by their debtors. These lending agents are everywhere offline and online, with some having no known location, yet making money out of their debt victims. Someone may ask: “Is it possible to live a debt-free life in times like this?” Others may say: “It is my last option, what else do I do?” Read on to see God’s provision for a debt-free living.

This article is written with the understanding that some loans are for developmental, business or investment purposes. If creditworthy, and with professional consultation from the appropriate authority, such credit facility can be properly utilized for the right purpose. Such individuals or institutions can also choose to depend on God for such provision, which is the best way to go. On the other hand, the debt that leaves you worse off or restless should be discouraged by all means. Borrowing to eat, live a flamboyant life or cater for your daily needs is not God’s will for you. And when borrowing becomes a cycle or a way of life, then it is indeed slavery, and this is what this article seeks to address.

Why You Should Avoid Debt

The Bible declares that the borrower is a servant to the lender (Proverbs 22:7b). This implies that debt automatically brings the debtor into servitude to the lender. The debtor may be older, more educated, or more experienced than the lender; but so long as he is indebted to him (the lender), he is his servant. Most of the time, indebtedness is man’s way of trying to meet his needs, and God said the man who puts his trust in men is cursed for he shall not see when good comes (Jeremiah 17:5-6). Debt isn’t one of the provisions of the Kingdom for our welfare on earth. Debt can bring untold sorrow, shame and loss of peace. Even though he feared God, when he died, the debt of the prophet threw his family into sorrow and disrepute as the creditor detained his two sons until the debt was paid (2 Kings 4:1). This implies that the consequences of living in debt can outlast the borrower. Many a person have committed suicide due to the burden of debt that they couldn’t pay. Living in debt is an indication of a lack of faith in God. So long as we toe the path of debt, we limit our access to God’s provisions for our well-being on earth.

Living in debt is an indication of a lack of faith in God. So long as we toe the path of debt, we limit our access to God’s provisions for our well-being on earth.

How to Live a Debt-Free Life

Live a Contented Life: To live a debt-free life, you must learn to live within your means. The Apostle Paul in his letter to the Philippian believers testified: “Actually, I don’t have a sense of needing anything personally. I’ve learnt by now to be quite content whatever my circumstances. I’m just as happy with little as with much, with much as with little. I’ve found the recipe for being happy whether full or hungry, hands full or hands hungry” (Philippians 4:11-12, MSG). To his son Timothy, he counseled, “Now godliness with contentment is great gain. And having food and clothing, with this, we shall be content” (1 Timothy 6:6, 8). You are content when you express gratitude to God for where He has brought you, and do not allow what you have or do not have to determine your joy. It is the lack of contentment that causes many to live in competition with others, thereby, living beyond their means and falling into the debt trap. The Bible says those who put themselves in such aimless competition with others are fools (2 Corinthians 10:12). So, to avoid debt, live within your means, and always live with joy and gratitude for who you are and where you are.

Live on God’s Promises: Have faith in God’s promise, “For the LORD your God will bless you just as He promised you; you shall lend to many nations, but you shall not borrow, you shall reign over many nations, but they shall not reign over you” (Deuteronomy 15:6). This is God’s promise for His children to live a debt-free life. He has also promised to supply all your needs according to his riches in glory (Philippians 4:19).  Knowing the consequences of debt, God declares that His people would not borrow but rather lend to other nations. The following statement, ‘You shall reign over many nations, but they shall not reign over you’ confirms the words of Solomon in Proverbs 22:7. There are numerous promises of God in the Scriptures that are for our thriving and flourishing on earth. These promises cover every area of our lives, they are heaven’s insurance policy for the children of the Kingdom. There are notable promises regarding divine provision (Deuteronomy 28:1-12; Psalm 112:3; Isaiah 45:3; 60:5; 61:6; Joel 2:26; Philippians 4:19). The Scriptures that convey God’s promises on divine provision cannot be exhausted in this write-up. Only believe and act on His Word, and you’ll see the manifestation of His promises in your life. God is not a man that He should lie, He is ever faithful and His word is eternally true. He is sufficient for you if only you can trust Him. So, by these infallible promises, there should be no room for living in debt as a child of God. These promises are our sure escape route from debt. Based on God’s economic principle, we are to lend to others, and not borrow. This is a mandate of our Kingdom dominion.    

Based on God’s economic principle, we are to lend to others, and not borrow. This is a mandate of our Kingdom dominion.    

Live a Diligent Life: “Work hard and become a leader, be lazy and become a slave” (Proverbs 12:24). Diligence is rewarded both by God and men, but laziness breeds slavery. Debt is a friend to the idle hands. Idleness and laziness make a man vulnerable to the debt trap. For such a one, the only option for survival is to borrow or steal because life must continue.  God commands His people to be diligent from the Old Testament to the New Testament (Deuteronomy 28:1, 8; 2 Thessalonians 3:7-10). The indolent doesn’t deserve to eat as long as he cannot work. The Bible charges the lazy to visit the ant for a lesson on diligence: “Take a lesson from the ants, you lazybones. Learn from their ways and be wise “ (Proverbs 6:6, NLT). Are you idle and have become predisposed to a life of debt? The Bible says, go and learn. You can learn diligence by setting out to work, doing legitimate work, and not just working but doing it well. Be determined to learn a trade or skill that can earn you a living. The wise king of Israel charges us to do with all our might whatever our hands find to do (Ecclesiastes 9:10).

Learn to Save and Invest: It is not every money that comes into your hands that is meant to be consumed. There is always a portion to eat and a portion to save or invest, and God gives both from time to time. The Bible speaks of the earth providing both food for the hungry and seed for the farmer (Isaiah 55:10). God also operates on this principle. If you consume everything that comes into your hand, very soon you might resort to borrowing to survive. God requires us to be prudent in the use of the resources He entrusts into our hands because we will account for every dime He gives us. In the parable of the talents, they were required to trade and make a profit for the master (Matthew 25:15-23). Habitual savings and investment are safety nets against debt, they provide a better alternative for meeting emergency needs rather than borrowing. Saving may not always mean that you have excess, it is a habit that requires discipline, and if imbibed, will help you live within your means and be contented in life.

Habitual savings and investment are safety nets against debt, they provide a better alternative for meeting emergency needs rather than borrowing.

Live to Give: It is said that ‘Life is not in collection but in donation’ and ‘each day of our lives is not judged by the harvest we reap but by the seeds we sow’. The word of God clearly states that it is more blessed to give than to receive (Acts 20:35b). Giving in love to meet the needs of others and to advance God’s Kingdom here on earth is one of the biblical channels of living above lack and debt. In Proverbs 11:24-25, we are told, “Give freely and become more wealthy; be stingy and lose everything. The generous will prosper; those who refresh others will be themselves refreshed”. Several other Scriptures state the blessing of giving to God and His course (Malachi 3:10-12; Luke 6:38; Acts 20:35; 2 Corinthians 9:6-10). God ensures our welfare when we live a selfless life and in consideration of others’ welfare. This is a key to debt-free living. The habitually indebted mostly live for themselves and borrow to satisfy their unending cravings, and life for them becomes a cycle of debt.

Giving in love to meet the needs of others and to advance God’s Kingdom here on earth is one of the biblical channels of living above lack and debt.

A Closing Word

Peradventure you’re already trapped in debt and are wondering if there’s a way out, remember that God’s promises are still in force. Receive the mercy of the Lord and trust him to make a way for you to clear up the debts. Do not shy away from the reality of your debts or hide from your creditors. Speak politely to them, and ask them to give you a realistic time when you’re sure to pay back. Be responsible enough to pay, even if it be in instalments as God provides for you. If you’re idle, prayerfully step out in faith and pick a job. Speak to friends and relations who can help you secure one. Do not be ashamed to start small because little beginnings can lead to great endings (Zechariah 4:10; Ecclesiastes 7:8; Job 8:7). Be disciplined and content with whatever God provides per time. Begin to practice saving and investment habits. Rest assured that God is your Father, and a responsible One who cares for you, and your welfare is His utmost concern. Begin to look out for ways to be a blessing to others. You will surely come out strong because God is for you! Shalom!