Let no debt remain outstanding, except the continuing debt to love one another, for he who loves his fellowman has fulfilled the law. (NIV)
I have heard before in books and on TV that a Christian should not borrow, perhaps even citing this verse. In everyday life however it is nearly impossible, if not completely impossible not to incur debt. Many companies bill you after you have used their service like gas and electricity, so until you have settled that account, you are in debt! Purchasing a home now-a-days is impossible without a mortgage which is a large long term debt. If we were to take on a vow of being debt free, it would be extremely difficult to live.
Businesses too rely on acceptable levels of debt to allow their business to function whilst money is being turned over. Over the period of the year, money in covers that debt and profit is made. Many businesses would struggle without working this way especially in the early years of a new start.
You see I don’t think this verse is saying “do no borrow”. I believe that is is telling us to keep up-to-date with our bills! It is a warning against missing payments of a mortgage or avoiding paying a gas or electricity bill. OK so gas and electricity bills did not exist in biblical days, however they certainly would have the need to borrow money or possessions as well as pay for services rendered.
I do think we also need to be careful here too. Although we can have an acceptable level of debt, we need to avoid getting into debt for those items that aren’t necessary. For example paying off a games console, or the latest style of TV when the one you bought last year is perfectly OK! We do need to live within our means. Our debts like mortgages, and standard bills need to be manageable, when payments are made, the overall amount owed should be decreasing and not remaining the same or gaining more in interest.
If you are in a situation where you are struggling to control your accounts, and you are in debt to many people, turn to the Lord in prayer. Lay your burdens at His feet. Seek pearls of wisdom like this verse. Seek to agree repayment plans with your creditors to get rid of any excess debt. Make sacrifices with the non essentials in life (even if it means unsubscribing from cable TV or disconnecting broadband!).
If you are struggling with debt and live in the UK, please check out this website: http://www.capuk.org.