Tag Archives: Proverbs

Financial Freedom Principle #5: Be free of debt

Debt has become basic to the fabric of our culture. Our government is in deep debt and many people are in debt. If you have the courage, check out the real time debt situation http://www.usdebtclock.org. Many people have bought the concepts “To drive a nice vehicle I must lease or have an installment loan” and “To live in a nice house I must have a mortgage.” Those beliefs have led many down the path of endless debt.

There are several problems with entering into debt. I will mention two. First, it is presuming upon an unknown future. People enter into debt “today” with the presumption that the future will be the same if not brighter. When future events beyond their control change, they regret they entered into the debt. This gives the enemy much room to put stress, grief, and depression in the heart. As we find in Proverbs 12:25, “Anxiety in the heart causes depression.” This tells us when we worry we will be depressed. Many people worry themselves into deep depression and physical illness over debt.

Second, it puts us under the lordship of another person. Proverbs 22:7 reminds us, “The rich rules over the poor, and the borrower is servant to the lender.” We are to be servants of God not man. In 1 Corinthians 7:23, Paul reminds us “You were bought at a price; do not become slaves of men.” In Romans 13:8 he wrote, “Owe no one anything except to love one another, for he who loves another has fulfilled the law.”

Here are a few other verses on debt: Luke 16:5; 2KI 4:1; Neh 5:3; Deut 28:1-2; 12, 15, 43-45; Psa 37:21a; Prov 3:27.

Being debt free is associated with paying vows. When enter into indebtedness we vow or promise someone or an entity we will wipe out the debt at a point in the future; whether those days are a few or many. When we sign our name to a credit situation, small or large, we are making a vow, a promise, to pay the debt.

In Deuteronomy 15, we read about the principle of the forgiveness of debts after seven years. That would be nice. Could this be our Lord’s perspective? Should all debts be paid-off within a seven-year period? In our day, too many times the plan is “How long can I stretch out this debt to make the payment as small as possible?” The problem here is, we could be saddling others (children, grandchildren, and those who come behind us) to pay off a debt we vowed to pay.

To be financially free, one must desire and strive to be debt free. It will take time, sacrifice, and determination. It could require us to eliminate some outgo so we can do more with our income toward eliminating debt. As one man put it, “My outgo has exceeded my income and my upkeep has caused my downfall.” Being debt free is possible. Strive to be free of debt. That is a huge step toward financial freedom.

Financial Freedom Principle #1: Have your priorities right

In this whole matter of financial freedom and desire to avoid financial bondage, the subject of priorities is the place to begin. Appropriate the following verses.

But seek first the kingdom of God and His righteousness, and all these things shall be added to you. (Matthew 6:33)

But seek the kingdom of God, and all these things shall be added to you. (Luke 12:31)

Do not lay up for yourselves treasures on earth, where moth and rust destroy and where thieves break in and steal; but lay up for yourselves treasures in heaven, where neither moth nor rust destroys and where thieves do not break in and steal. (Matthew 6:19-20)

Do not labor for the food which perishes, but for the food which endures to everlasting life, which the Son of Man will give you, because God the Father has set His seal on Him.” (John 6:27)

Riches do not profit in the day of wrath, But righteousness delivers from death. (Proverbs 11:4)

Command those who are rich in this present age not to be haughty, nor to trust in uncertain riches but in the living God, who gives us richly all things to enjoy. (1 Timothy 6:17)

There is so much more to consider.  We are on the right path when our priorities are in the right order. Come back tomorrow for the next tip. Home