Penny Nance of Concerned Women for America has a fantastic piece outlining what the Bible says about debt:
1. Repayment of debt is mandatory.Read the whole thing here.
2. Debt presumes upon the future.
- "Better not to vow than to vow and not pay." (Ecclesiastes 5:5)
3. Debt enslaves the debtor.
- "Come now, you who say, 'Today or tomorrow we will go to such and such a city, spend a year there, buy and sell, and make a profit'; whereas you do not know what will happen tomorrow. For what is your life? It is even a vapor that appears for a little time and then vanishes away." (James 4:13-14)
4. Failure to repay is considered stealing.
- "The rich rules over the poor, and the borrower is servant to the lender." (Proverbs 22:7)
5. Debt symbolizes a lack of contentment.
- "The wicked borrows and does not repay, But the righteous shows mercy and gives." (Psalm 37:21) "If a man makes a vow to the Lord, or swears an oath to bind himself by some agreement, he shall not break his word; he shall do according to all that proceeds out of his mouth." (Numbers 30:2)
6. Interest on debt: A waste of resources.
- "[A]s sorrowful, yet always rejoicing; as poor, yet making many rich; as having nothing, and yet possessing all things. (2 Corinthians 6:10)
- "Now godliness with contentment is great gain. For we brought nothing into this world, and it is certain we can carry nothing out. And having food and clothing, with these we shall be content." (1 Timothy 6:6-8)
- "And He said to them, 'Take heed and beware of covetousness, for one's life does not consist in abound of things he possesses." (Luke 12:15)
7. Ignoring debt is dangerous.
- "So when they were filled, He said to His disciples, 'Gather up the fragments that remain, so that nothing is lost." (John 6:12)
• "Owe no one anything except to love one another, for he who loves another has fulfilled the law." (Romans 13:8)
8. Debt prevents us from receiving God's full blessings.
9. We are to strive to leave our children a solid foundation on which to build.
- "He who is faithful in what is least is faithful also in much; and he who is unjust in what is least is unjust also in much. Therefore, if you have not been faithful in the unrighteous mammon, who will commit to your trust the true riches? And if you have not been faithful in what is another man's, who will give you what is your own." (Luke 16:10-12)
10. The end result, debtors bring on themselves their own demise.
- "A good man leaves an inheritance to his children's children, but the wealth of the sinner is stored up for the righteous." (Proverbs 13:22)
- "But if anyone does not provide for his own, and especially for those of his household, he has denied the faith and is worse than an unbeliever." (1 Timothy 5:8)
- "The alien who is among you shall rise higher and higher above you, and you shall come down lower and lower. He shall lend to you, but you shall not lend to him; he shall be the head, and you shall be the tail. Moreover, all these curses shall come upon you and pursue and overtake you, until you are destroyed, because you did not obey the voice of the Lord your God, to keep His commandments and His statues which He commanded you." (Deuteronomy 28: 43-45)