Just what is biblical debt?
The Scriptural definition of debt is the inability to meet obligations agreed upon. In other words, when a person buys something on credit terms that is not necessarily debt, it is a contract. But when the terms of the contract are violated, debt occurs.”
One usually incurs debt through the violation of the contract because he violates Scripture in three other areas.
1) He presumes upon the future (James 4:13-15). He assumes things will go just as planned (increased salary, inflation, etc.) and that he will be able to pay back as anticipated. As a result he incurs a lot of debt.
2) He is not willing to wait on God to provide his needs within his means to pay. In other words, He borrows to get what he wants now rather than wait until he can afford it. (Psalms 37)
3) He incurs debt by over leveraging himself with the motive of getting rich quickly. (Proverbs 37)
Sometimes there is a fine line between borrowing and debt. Let us encourage you to prayerfully consider the following Scriptures and ask God what He would have you do in your situation.
It is God’s plan that if one enters into a financial contract he must pay it.
“The wicked makes contract, and fails to pay: but the righteous shows mercy, and giveth” (Psalms 37:21).
“When you vow a vow unto God, defer not to pay it; for he has no pleasure in fools: pay that which you commit to. Better is it that you not vow, than that you vow and not pay” (Ecciessiastes 5:4-5).
Not only does this mean that bankruptcy is not an option for a Christian. It also means that if you are committing to a fiscal contract, you are scriptually obligated to fulfill that contract entirely to avoid it becoming sinfulness.
by Larry Brashear