In Romans 13:8, Paul writes, “Let no debt remain outstanding.” Even though Paul’s main point in this passage that runs from verses 8-10 is love, he does mention the importance of paying our financial debts. In a world where debt is a common part of many lives, believers are not only called to pay their financial debts on-time, but also encouraged to pursue a debt-free life!

In this post, 3 questions related to debt are asked and answered in a simple outline form. Each of these are addressed in greater depth in a sermon titled “Debt-Free Living.” If you are interested in digging deeper about this very important subject, please feel free to listen to the sermon HERE.

Question # I.     How does one get in debt?

A.   Legitimate Reasons.
B.   Not Legitimate Reasons.

Question # II.   What are the dangers of being in debt?

Danger # 1.     Puts us in bondage.
Danger # 2.     Limits our giving to further God’s kingdom.
Danger # 3.     Limits our giving to help others in need.
Danger # 4.     Affects our marriage and parental relationships.
Danger # 5.     Increases our stress.
Danger # 6.     Tempts us to violate God’s commands.
Danger # 7.     Makes us addictive to getting into more debts.
Danger # 8.     Makes us presume on God’s mercy.
Danger # 9.     Prevents us from serving God with freedom.
Danger # 10.   Affects our Christian testimony.

Question # III.  How to get out of debt?

1.   Repent of the sinful handling of finances.
2.   Develop a sense of urgency.
3.   Develop a sense of self-denial.
4.   Sell what is not needed to pay off debts.
5.   Resolve to stop taking on new debts.
6.   Create a budget and start tracking income and expenses including current debts.
7.   Find potential sources of new income where more income is needed to pay off debts.
8.   Start saving—even if it is a small amount.
9.   Faithfully give to the Lord’s work.
10. Ask a few mature believers to pray.