Our debt has increased substantially in the last few years in our country as well as individually. The average American household with at least one credit card has nearly $10,700 in credit-card debt, according to CardWeb.com” (CNN Money). “The average American household with at least one credit card has nearly $10,700 in credit-card debt, according to CardWeb.com” (CNN Money). Some contend that it is wrong to go into debt because we are not to owe man anything (Romans 13:8) but others say that we can borrow as long as we pay what we owe (Matthew 18:34). Others charge up the credit card, make the minimum payment and if they can’t pay, declare bankruptcy. How can we overcome our debt problem?

Don’t Spend Frivolously God has promised to provide the necessities of life if we seek His kingdom first (Matt. 6:33). But sometimes are eyes are bigger than our bank account and we do not demonstrate the self control to refuse what we desire [new car, game, computer, clothes, cell phone, etc.] (Eccl. 2:10). Some spend so much on their credit card because they are impulse shoppers and eventually become enslaved to the lending institution (Prov. 22:7). If we are habitually buying things that we can’t afford, we have forgotten that we are to serve the Lord and focus on things above (Mt. 6:24; Col. 3:1-2).

Only Purchase What You Can Pay For When we are making an expensive purchase, we take the time to make a prudent decision based on our budget (Prov. 18:15; 21:5; 22:3; 27:12). If we are able to pay off our bills every month, we will be free from paying any interest on our money. We will be able to give bountifully on the 1st day of the week to provide for the Lord’s work (2 Cor. 9:6-7) and individually help others in need (Eph. 4:28). “The wicked borrows and does not pay back, but the righteous is gracious and gives” (Psalms 37:21).

Budget for Emergencies We may have done well in planning for our monthly expenses but we may have emergencies at the most unexpected time [death, divorce, lost job, car trouble, medical expenses, etc.] (James 4:13-17) The experts tells us that we should have about three to six months of living expenses in an emergency account. The only way that we are going to be able to do that is if we are saving money each month (Mt. 25:27). But what if we are already in debt and we owe too much?

Cut the Spending & Pay Off the Debt There are many Christians who are in debt and are in denial that they have a problem. If they are responsible for the debt, they need to repent of their sins (2 Cor. 7:10; 1 John 1:9). They need to cut up the credit cards, consolidate their bills so they can be paid off, and learn how to budget their money so that this doesn’t happen again. Jesus died so that we might be free from the bondage of sin which would include being in debt. (John 8:32-34)

If you Can’t Pay your Bills… … How will you obey the command to provide for your own household (1 Tim. 5:8)? …. How will you obey the command to give as you have prospered and purposed in your heart and give cheerfully and abundantly (2 Cor. 9:6-7)? … How will you be able to help others who are in need (Eph. 4:28; 1 John 3:16-18)? But those who love the Lord and are keeping His commands on this subject are content and free to serve the Lord from a pure heart. (1 Tim. 6:6-8; 2 Tim. 2:22; Gal. 5:13)

Conclusion When we buy something on credit, we are promising that we will pay it back. It is not wrong to borrow money but it is sinful to borrow and not pay back. So don’t spend your money frivolously, only purchase what you can pay for, budget for emergencies, cut the spending and pay off your debt. But there is one debt that we could never pay because we are sinners but Jesus paid the price for us. We can obey the gospel and be free from sin and servants of righteousness (Rom. 6:3-7; 16-17).