What does God’s word say about debt?
There are a lot of things in the Bible that may be hard to understand, but this isn’t one of them. Proverbs 22:7 says this:
“The rich ruleth over the poor, and the borrower is servant to the lender.”
Being in debt is not a sin, but it puts a believer in a very difficult situation. As Christians we should strive to be a servant of Christ. However, this scripture says that when we are in bondage to debt, we can no longer serve Christ, because the lender now has control of (at least part of) our life. Jesus died on the cross to free us from the bondage of sin, but when we are in debt we find ourselves back in bondage.
God wants us to be free from debt so that He can use us to help other people. When we are in debt, we are obligated to give a portion of the resources that He has given us to repay our loans. Debt can and most likely will prevent you from being the type of giver that God intends for you to be.