1. WHAT DOES SCRIPTURE SAY ABOUT DEBT? Penge Baptist Church 17 th July 2011

2. UK personal debt  In April 2011, every UK household bore on average £8121 in consumer debt  £15,618 for those having any unsecured debt  £55815 including mortgage debt  Debt for the average household is 120% of their income, and for many much more

3. The burden of debt  Debt may seem fine as long as all goes well…  …but difficulties with debt causes stress, fear and anxiety as things seem to go out of control  70% of divorces have problems of debt as a major cause  4 million court summonses yearly due to debt and 70,000 people go bankrupt  Many people get ill or commit suicide because of worries about debt

4. How does debt arise?  Desire for a home –Does the mortgage takes too much of income? –How much “equity” is there?  Desire for consumption “now” –“Taking the waiting out of wanting” –But very high interest rates  Financial difficulties –Borrowing to pay household bills – from whom?

5. The trick of the advertisers  What was once “DEBT”…..  ….becomes “CREDIT” – because you’re worth it!

6. Avoid debt if possible….  “The rich rule over the poor, and the borrower is servant to the lender.” (Proverbs 22:7)  “You were bought at a price; do not become slaves of men.” (1 Corinthians 7:23)  “Let no debt remain outstanding, except the continuing debt to love one another, for he who loves his fellowman has fulfilled the law.” (Romans 13:8)

7. …be sure to pay it back  “The wicked borrow and do not repay, but the righteous give generously” (Psalm 37:21)  “It is better not to vow than to make a vow and not fulfil it.” (Ecclesiastes 5:5)  “Let your “Yes” be yes, and your “No,” no, or you will be condemned.” (James 5:12)

8. Are there any alternatives?  Saving before buying –“Finish your outdoor work and get your fields ready; after that, build your house.” (Proverbs 24:27)  Being content –“Keep your lives free from the love of money and be content with what you have.” (Hebrews 13:5)  Renting, leasing, shared equity…..

9. If you are deep in debt  Pray –“For I know the plans I have for you,” declares the LORD, “plans to prosper you and not to harm you, plans to give you hope and a future.” (Jeremiah 29:11) –“Cast all your anxiety on him because he cares for you.” (1 Peter 4:7)  Get advice and help –“Listen to advice and accept instruction, and in the end you will be wise.” (Proverbs 20:18)

10. And the rest of us?  Be merciful and generous –“Give to the one who asks you, and do not turn away from the one who wants to borrow from you.” (Matthew 5:42) –“Do not charge your brother interest, whether on money or food or anything else that may earn interest.” (Deuteronomy 23:19)  Don’t judge –“Do not judge, and you will not be judged. Do not condemn, and you will not be condemned. Forgive, and you will be forgiven.” (Luke 6:37)

11.  Don’t guarantee someone’s debt –“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)  Don’t borrow to speculate –“Woe to him who piles up stolen goods and makes himself wealthy by extortion!How long must this go on?’ Will not your debtors suddenly arise? Will they not wake up and make you tremble? Then you will become their victim.” Habakkuk 2:6-7  Take advice before borrowing! –“When pride comes, then comes disgrace, but with humility comes wisdom.” (Proverbs 11:2)

12. Remember we have been freed from a much greater debt!  “Forgive us our debts, as we also have forgiven our debtors.” (Matthew 6:12)  “Therefore, the kingdom of heaven is like a king who wanted to settle accounts with his servants. As he began the settlement, a man who owed him ten thousand talents was brought to him. Since he was not able to pay, the master ordered that he and his wife and his children and all that he had be sold to repay the debt. “The servant fell on his knees before him. ‘Be patient with me,’ he begged, ‘and I will pay back everything.’ The servant’s master took pity on him, canceled the debt and let him go.” (Matthew 18:23-27)