Debt—Part Three

If you’re catching up, please read these articles first:
Debt—Introduction
Debt—Part 1
Debt—Part 2

Whether you choose to take part in a Christian community or not, debt simply doesn’t make good sense.

Credit is a waste of money.  Because of our impatience we end up paying much more for the item or pleasure than it is worth.  All of our money belongs to God, Jesus said that we ought to give him 100%.  So if we buy something with a credit card that carries 17% interest, we deny God that 17% and, in effect, steal from Him.

A $100,000 home financed at 7.00% interest over 15 years actually costs $162,000.  Think of the things that we could do with that extra $62,000 if we had the patience to save our money first. (Click Here to play around with a mortgage calculator).

God truly desires to bless our endeavors so that we can have a fruitful life, enjoy his world that he has given us and spread His love by blessing others.

“You will be made rich in every way so that you can be generous on every occasion, and through us your generosity will result in thanksgiving to God.” 2 Corinthians 9:11.  If we act in faith and patience, God will provide all that we need as well as an abundance to be used for generosity and good works.

When we owe money to others we deprive both God and ourselves of this pleasure.

In Ecclesiastes, the speaker can not figure out the meaning of life, ‘what’s the point?’ he asks.  But he does figure out a few things including that “when God gives any man wealth and possessions, and enables him to enjoy them, to accept his lot and be happy in his work—this is a gift of God.” Ecclesiastes 5:19.

He also learns that when we work hard for the meager things that we have, and they are truly ours, the reward is much greater, “The sleep of a laborer is sweet, whether he eats little or much, but the abundance of a rich man permits him no sleep.” Ecclesiastes 5:12.  When we borrow money it demonstrates that we want to have great fortune and the appearance of great wealth but want to wait to do the work later.

God has a more fulfilling plan for all of us.  Working is good for us.

In the early church there was no credit.  Paul instructs that “If a man will not work, he shall not eat.” 2 Thessalonians 3:10.  He’s not being mean, he’s making a practical statement.  We can’t have freeloaders in the church that will work later, the work of God is now.

Buying things on credit simply doesn’t make sense.  Until that item is paid off, it’s not really ours.  If I may quote the wisest man to ever live, “Do not be a man who strikes hands in pledge or puts up security for debts; if you lack the means to pay, your very bed will be snatched from under you.” Proverbs 22:26-27.

Our creditors can come and take what we owe them at any time.  Even if we intend to use something to serve God, the devil can easily motivate our creditors, who love money, to take it back.

God desires to bless our lives with what we need and to bless us with great satisfaction.  If we incur debt to provide for and fulfill ourselves then we deny ourselves this great joy.

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Please leave lots of comments below.

Comments

Tell me how you would be able to save $100,000 in cash for a house..... its unrealistic. Credit is not a bad thing, there is such a thing as GOOD credit. Without a credit rating you will not be able to get anywhere in life. Not everyone with a credit card has debt. I just dont understand why you think credit is like the work of the devil.....

I’ve taken the liberty of answering Katie’s question.

Matthew 6:24~25, “No one can serve two masters. Either he will hate the one and love the other, or he will be devoted to the one and despise the other. You cannot serve both God and Money.”

It’s not about saving $100,000 to buy a house, rather it is about God in heaven providing for those that seek His will in their lives.  Jesus didn’t own a house, and what value would that have added to His life?  The answer is that it would not have added value, rather it would have hindered Him from serving out the purpose that God had planned for His life.  He owns the entire universe and He came in the flesh as a pauper, that is the lesson for all of us, myself included.

btw Jim, have you heard back from Ted?

Melody, a.k.a. Glad to see Ecclesiastes quoted!

You may not be able to save $100K but you can certainly save for the down payment and only have a 15 year mortgage and double up on your payments and you could own your home free & clear in less than 15 years.  You should check out wwww.daveramsey.com he is a financial planner who has helped thousands of people get out of debt and live debt free.  I’M DEBT FREE BABY (except for my house, which we will have paid off in about 11 years) my husband and I are 33 and 32.  It can be done.  Now I will tell you we drive a 1994 honda civic and a 03 Jetta (we had a baby and he wanted something a little bit safer) but were not driving the bmw or mercedes to look and have class because the person driving next to me with that car is probably paying almost $1,000/month for car payment and insurance.  Too bad for them because after the house is paid for I’m putting all my money in a 401 or mutual fund.  I’m excited and I’m excited for other people who can do the same thing.

Emily-
Hm, but the real question is..... if mel and brad are using most of their savings on this trip then how will they be able to use any money for a down payment with no jobs and no savings? And, what do you think about not having any credit? i just dont think it is a wise decision....eventually there will be something that you will need some type of credit score for....

Katie,
I understand your concern about credit scores. But, did you know that you can have a good credit score without having debt? There are other ways to build credit.
PS I recommend Dave Ramsey as well.