There are a number of verses in the Old and New Testament concerning the virtues of living debt free and is a common christian finance question. One of the most noteworthy can be found in Paul’s Letter to the Romans.
Romans 13:8 says to Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law.
A Christian has the responsibility to live a financially stable and debt free life.
Is Debt a Sin?
Is debt considered a sin in the eyes of God? Must we be living debt free? There is nothing in the Bible that specifically calls debt a sin. However, there are many cautions about debt becoming a source of conflict or problem. For example, it can become a problem if the source of the "need" is envy of a neighbor’s possessions or even greed. According to 1 Timothy 6:10:
And Hebrews 13:5 states that:
In addition, the Bible clearly indicates that all debts should be repaid. According to Romans 13:7, the Christian should:
The Human Side
Let's take a look at not living debt free from the human side. Debt payments are going to rob you. They are going to rob you of being able to stay at home, they are going to rob you of doing what you really love, of blessing others. And really, debt payments rob you of contentment.
Have you ever wondered why banks have really nice furniture in the lobby? That is because you paid for it through your interest payments!
And all of the interest payments that are leaving your house every month and car payments and student loans and credit cards, and medical bills, and all of that going out is is robbing you of life. I suppose we cannot just keep this on the human side. Because if all of this is happening to you, where could you possibly be spiritually?
The Best Solution
So, is debt a sin? We will leave that theological study for another time. However, the causes of debt, the love and reckless borrowing of money, are most times a result of sinful actions. The discerning Christian, then, should make every effort to live in a godly and responsible manner in all financial actions. The best solution is by living debt free.