Believe and Obey

A Radical Christian Perspective on the World's News & Current Events

A Debt Free Life

The rich rules over the poor, and the borrower is the slave of the lender

                           -Proverbs 22:7

As this proverb lays out the problem is that the borrower is under a certain amount of control to the lender.  When in debt we are in some sort of position of servitude to the lender.  The deeper the debt, the greater the servitude.  This gives us fewer choices, it means we cannot give as much, it means we may have less to put toward a long-term investment plan.

Scripture does not outright prohibit the use of debt but cautions us against it because we can become servants of people in this world, rather than serving only God.

That said, there may be times when debt is necessary and a positive thing. Buying a house, starting a business are two times when debt may be a good thing.  The main principle of using debt is to only take on “non-recourse” debt. That is, debt that is secured only by collateral.  This would be a piece of real estate, or perhaps business inventory or equipment.  Non-recourse means that the lender cannot come after any other assets other than those pledged against the loan.  A “recourse” loan means that the lender can go after other assets beyond the value of any collateral you pledged against the loan.

The question for many of us, is how to I reduce or eliminate the debt that I have accumulated.  Below are some resources to help you eliminate your debt and live a debt free life.  They encompass a variety of strategies and approaches.  No one is perfect for everyone.  Review and see which one best fits your situation. 

Debt Elimination Strategies

Crown Financial Ministries

As with all topics regarding Christian stewardship, Crown Financial Ministries is an excellent starting point.  They have a variety of tools and strategies to assist with eliminating debt.

Dave Ramsey

Another good all-around resource is Dave Ramsey.  There are tools and strategies to help you embrace a debt free lifestyle.

Debt Elimination Strategies

Here is a link to a good article outlining some of the basic strategies for eliminating debt.  No one is perfect for everyone, but one will likely be good for you.

Debt Relief Companies

If you are in somewhat dire straits, you may want to engage a debt relief company.  This is not my first recommendation, yet it may be a good solution depending upon your situation.  As always, pay close attention to the pros and cons.

Debt Reduction Software

If you are more tech minded, then a software solution may work best for you. Here is a link to a good article outlining some debt reduction software that may help in your drive to become debt free.

Scroll to Top