Christians today are generally polarized into two opposite groups. One feels that the Word of God forbids any and all kinds of debt at all times (see Romans 13:8). Some of these even feel that debt is a sin. The other group assumes that debt is an acceptable and normal way of life that God often uses to meet the needs of His people. Neither of these viewpoints is totally accurate. Although debt is not a sin, it also is not a normal way of life, according to Scripture. Rather, debt is a dangerous tool that must be used, if at all, with extreme caution and much prayer due to its potential for enslaving people in financial bondage (see Proverbs 22:7).
The following are reasons why debt needs to be treated with extreme caution.
Debt-free living is still God’s plan for His people today. The blessings of becoming debt free go far beyond the financial area. They extend to the spiritual and material realms as well. No one who is financially bound can be spiritually free. The effects of financial bondage on a marriage relationship are devastating. Currently 50 percent of all first-time marriages fail, and the primary reason for the failure is financial incompatibility. Therefore, it is to all Christians’ advantage to strive to become debt free.