Regardless of whether you call yourself religious or spiritual, there are principles about debt that transcend our personal opinions. So, whether these principles come from the Bible or are just some wise saying, if they are true, they are true.
The Bible has much to say about money and being in debt. Just because these principles come from the Bible doesn’t make them biased or irrelevant if you do not believe in the teachings of Christianity. So, try to put aside any bias you may have and learn from these timeless principles.
Proverbs 22:7 The rich rules over the poor, And the borrower is slave to the lender.
The borrower is slave to the lender. Of course, we know this is true. Foreclosures, bankruptcies, collection agencies, and repo companies all have great power over us when we owe them money. When you borrow, you are a slave to the lender. If you don’t owe anyone anything, then they cannot bang on your door or send the law to get their money from you.
Romans 13:8 Owe no one anything except to love one another, for he who loves another has fulfilled the law.
The Bible teaches that you should owe nothing to anyone except to love them. No matter whether you accept the Bible as your religion or not, you can hardly deny that principle. If you have no debt and owe no one anything except to love them and be kind to them, you will eliminate a large amount of potential stress. Finally…
Ecclesiastes 5:10 He who loves silver will not be satisfied with silver; Nor he who loves abundance, with increase. This also is vanity.[TIPJAR]
If you can never feel satisfied with what you currently have, you may never get out of debt. It is a common trait in human nature that those who want more, simply want more for the sake of having more, will never get enough.
If you get in debt simply because you want a higher lifestyle than you can afford, there will always be a more affluent lifestyle just beyond your reach. The cycle will never end. You will get into debt to obtain one lifestyle, only to get into more debt to reach the next level of lifestyle. You have to want to be debt-free for the right reasons and not just so you can have more money to spend.
You’ll find these principles and more in my book, Life Without Debt.
What are your questions about online business, getting out of debt, and financial freedom?