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BUSI223 C02

Mark Jackson
Prof. Hernandez
DB #2 Christians and Debt
Is debt Biblical?
The subject of debt runs through the Bible in a redemptive sense. Because of our sin, we
owe a debt we cannot pay. Christ paid our debt on the cross. From a monetary
perspective, debt has also been discussed throughout scripture.
The Bible reveals many truths about debt. In the Old Testament, before car loans, credit
cards, and mortgages, debt was a fairly normative reality. While we see no examples of
people willfully entering into debt, it was common enough that the Old Testament law
addresses debt many times with many different commandments: do not charge your
brother interest, you may charge an alien interest, at the end of seven years release your
brother of his debt, during the year of jubilee, release all collateral gained from bad debt.
We dont find such elicit commands towards those who went into debt. The opportunities
for financial pitfalls are much greater in our day, but the reality remains: debt is not
always an option.
The Bible also reveals the reality that debt is not optimal. Proverbs 22:7 (ESV) tells us
that, The rich rules over the poor, and the borrower is the slave of the lender.. Debt can
place unnecessary hindrances in our lives that hold us captive. A father may have to work
two jobs limiting the amount of times he may spend with his children. A college student
may have to drop out of school to pay off credit card debt. Debt is not optimal.
How much debt should a Christian have?
Many people simply take a surface reading of the first phrase of Romans 13:8, Owe
nothing to anyone, to mean all debt is sinful. This is short-sided and misguided.
Everyone has debt; even Dave Ramsey. As soon as the utility company issues a new
invoice, the recipient is in debt. The question arises, how long and to what extent should
one carry debt? Romans 13:7 instructs us to Pay to all what is owed to them.
According the Bible, our disposition should be to pay off debt so that we are not
enslaved to our lender.
While one could ask, do you have debt? a better question might be, do you have
financial freedom?. I am not enslaved when I receive my utility statement because I
have the means to pay my monthly utility debt. When short-term debt is managed, it may
have a positive impact in the borrower.
A millionaire may choose to finance her new $50,000 car if she obtains a 0% interest rate.
Choosing this debt would allow her to continue to earn interest on her $50,000 as it

remains in investments. This could produce as much as much as 1-3% above the standard
savings account interest rate if left in a money market deposit account (Gitman, Joehnk,
& Billingsley, 2014, p. 81). She would not be enslaved to her lender, so long as she has
the means to pay her lender at leisure. A Christians should always seek financial freedom.
Ones net worth is much more important than simply a list of their liabilities. Financial
freedom is much more important that a static debt figure.
References
1. Gitman, Lawrence K., Joehnk, Michael D., & Billingsley, Randall S. (2014).
Money Market Mutual Funds. PFIN3, 81.
BUSI223 C02
Mark Jackson
Prof. Hernandez
DB #2 Re: Debt
Hello Lekevie,
I really enjoyed reading your perspective on how Christians should
think about debt. I agree that the ability to pay a debt is more important the existence
of a debt. I also really appreciate the Biblical example you referenced The story of the
poor widow in 2 Kings 4. I have never considered how that story relates to this
discussion. Though we do not know the circumstances surrounding the debt incurred by
the widows late husband, we do know the debt was greater than the widow was able to
pay. The existence of this debt placed the widow and her son in a deadly circumstance. If
anything, this story illustrates the reality that The rich rules over the poor, and the
borrower is the slave of the lender (Proverbs 22:7, ESV). While debt may have some
necessary and some beneficial uses, debt should always be approached with great caution
and consideration.

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