Comments on: Debt Is Not Evil http://www.providentplan.com/1902/debt-is-not-evil/?utm_source=rss&utm_medium=rss&utm_campaign=debt-is-not-evil Personal Finance for Life in the Kingdom Tue, 07 Feb 2012 16:59:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Michael Covington http://www.providentplan.com/1902/debt-is-not-evil/#comment-15700 Michael Covington Tue, 02 Aug 2011 16:40:42 +0000 http://www.providentplan.com/?p=1902#comment-15700 Surely God has blessed a lot of people who borrowed prudently for housing (in a rising market), business ventures, and/or education. The house that I live in right now is the fruit of decades of careful real estate transactions by my parents, involving borrowed money. "Debt is evil" is not a doctrine I find in the Bible. Surely God has blessed a lot of people who borrowed prudently for housing (in a rising market), business ventures, and/or education. The house that I live in right now is the fruit of decades of careful real estate transactions by my parents, involving borrowed money. “Debt is evil” is not a doctrine I find in the Bible.

]]> By: Paul Williams http://www.providentplan.com/1902/debt-is-not-evil/#comment-15699 Paul Williams Tue, 02 Aug 2011 16:25:25 +0000 http://www.providentplan.com/?p=1902#comment-15699 Hi, Dave. I don't think it's so much an issue of whether God will or will not bless someone who goes into debt or gets out of debt. The bigger issue I see in Scripture is a caution against foolishly going into debt. Now foolishly can mean many things, but I think it boils down to motives and desires. Why are you getting into debt? Are you reasonably sure you can pay it back? What will happen in the most likely worst case scenario (not end of the world stuff, but what if you lost your job)? Are you getting a good value or buying into hype? Even deeper than that is the issue of contentment and reliance. Are you going into debt to get something because you think it will make you happier? Are you trying to get things earlier even though you can't really afford them? There is no place in Scripture where you'll read God saying that He's not going to bless someone who goes into debt. He certainly warns against foolish borrowing, but He also provides plenty of guidance for making lending and borrowing equitable for both parties. And He's especially concerned with how we treat the poor who have borrowed from us. Now if God's hand of blessing will not be on a person who borrows, why would He give us guidelines about how to treat others who borrow from us or about how we should repay when we borrow? Specifically, is He saying go ahead and lend to the poor but I'm (God) not going to bless them because they've borrowed? Hi, Dave. I don’t think it’s so much an issue of whether God will or will not bless someone who goes into debt or gets out of debt. The bigger issue I see in Scripture is a caution against foolishly going into debt. Now foolishly can mean many things, but I think it boils down to motives and desires. Why are you getting into debt? Are you reasonably sure you can pay it back? What will happen in the most likely worst case scenario (not end of the world stuff, but what if you lost your job)? Are you getting a good value or buying into hype?

Even deeper than that is the issue of contentment and reliance. Are you going into debt to get something because you think it will make you happier? Are you trying to get things earlier even though you can’t really afford them?

There is no place in Scripture where you’ll read God saying that He’s not going to bless someone who goes into debt. He certainly warns against foolish borrowing, but He also provides plenty of guidance for making lending and borrowing equitable for both parties. And He’s especially concerned with how we treat the poor who have borrowed from us. Now if God’s hand of blessing will not be on a person who borrows, why would He give us guidelines about how to treat others who borrow from us or about how we should repay when we borrow? Specifically, is He saying go ahead and lend to the poor but I’m (God) not going to bless them because they’ve borrowed?

]]> By: Dave Benson http://www.providentplan.com/1902/debt-is-not-evil/#comment-15696 Dave Benson Tue, 02 Aug 2011 01:00:28 +0000 http://www.providentplan.com/?p=1902#comment-15696 Hi Paul, I appreciate your articles and website! Great insight for a world in so much personal debt! I think it comes down to a blessing from God versus us trying to work things out for ourselves. I'm 29 years of age and have previously borrowed money for houses, cars, businesses, paying back personal debt etc.... Since getting completely out of debt, I have experienced Gods blessing and provision like never before. As far as houses are concerned, I live in Sydney Australia where it is much cheaper to rent a house than buy. And with financial uncertainty ahead, there is no certainty of capital gains in the housing market here. I cannot think of a situation where Gods hand of blessing will be upon anyone that chooses to get into debt... Can you give me your thoughts on this? Hi Paul,

I appreciate your articles and website! Great insight for a world in so much personal debt!

I think it comes down to a blessing from God versus us trying to work things out for ourselves. I’m 29 years of age and have previously borrowed money for houses, cars, businesses, paying back personal debt etc…. Since getting completely out of debt, I have experienced Gods blessing and provision like never before.

As far as houses are concerned, I live in Sydney Australia where it is much cheaper to rent a house than buy. And with financial uncertainty ahead, there is no certainty of capital gains in the housing market here.

I cannot think of a situation where Gods hand of blessing will be upon anyone that chooses to get into debt…

Can you give me your thoughts on this?

]]> By: Paul Williams http://www.providentplan.com/1902/debt-is-not-evil/#comment-7134 Paul Williams Tue, 01 Jun 2010 20:33:25 +0000 http://www.providentplan.com/?p=1902#comment-7134 Thanks for comments, Michael. I appreciate your point of view on this. Hope you're doing well! Thanks for comments, Michael. I appreciate your point of view on this. Hope you’re doing well!

]]> By: Michael Covington http://www.providentplan.com/1902/debt-is-not-evil/#comment-7133 Michael Covington Tue, 01 Jun 2010 20:25:32 +0000 http://www.providentplan.com/?p=1902#comment-7133 By the way, I like my cars "well broken in." I consider a car new if it has only 50,000 miles on it. :) By the way, I like my cars “well broken in.” I consider a car new if it has only 50,000 miles on it. :)

]]> By: Michael Covington http://www.providentplan.com/1902/debt-is-not-evil/#comment-7132 Michael Covington Tue, 01 Jun 2010 20:25:00 +0000 http://www.providentplan.com/?p=1902#comment-7132 I agree that borrowing money to buy a new car is rarely prudent -- it might be if the car were needed to earn money and a suitable one is not available used (a rare situation in today's market, but it happened regularly 50 years ago). When you say "God has no problem with Christians borrowing money. He does...warn...that borrowing is a bad idea." you seem to be contradicting yourself. Knowingly behaving foolishly is sin. If by "bad idea" you simply mean "more risky and burdensome than many people realize" then I agree with you. The phrase "financial bondage" is tossed around a lot without a clear meaning. I think the proper, clear meaning behind it is that a debt has costs besides the principal and interest: it also costs you flexibility (freedom) by committing you to pay out money that you don't have yet. I agree that borrowing money to buy a new car is rarely prudent — it might be if the car were needed to earn money and a suitable one is not available used (a rare situation in today’s market, but it happened regularly 50 years ago).
When you say “God has no problem with Christians borrowing money. He does…warn…that borrowing is a bad idea.” you seem to be contradicting yourself. Knowingly behaving foolishly is sin. If by “bad idea” you simply mean “more risky and burdensome than many people realize” then I agree with you.
The phrase “financial bondage” is tossed around a lot without a clear meaning. I think the proper, clear meaning behind it is that a debt has costs besides the principal and interest: it also costs you flexibility (freedom) by committing you to pay out money that you don’t have yet.

]]> By: Paul Williams http://www.providentplan.com/1902/debt-is-not-evil/#comment-7131 Paul Williams Tue, 01 Jun 2010 20:20:58 +0000 http://www.providentplan.com/?p=1902#comment-7131 Thanks for taking the time to share your thoughts, Financial Bondage. I never said getting a loan to buy a <em>new</em> car is a good idea. I just said that going into debt to get a car could <em>occasionally</em> be a good idea. If it's absolutely necessary for someone to get to work and they have no other way to pay for the car, then it might not be a terrible idea for them to go into debt to buy it. That doesn't mean they should neglect searching for a good deal on a quality used car. The article I linked to in the first paragraph discusses some of God's warnings against debt. The point of this article is not to encourage debt but to show that there are reasonable uses for debt. An all-out hatred and avoidance of debt is not Biblically sound and can actually be quite detrimental and unwise. Even so, I think having as little debt as possible is a good idea most of the time. Thanks for taking the time to share your thoughts, Financial Bondage. I never said getting a loan to buy a new car is a good idea. I just said that going into debt to get a car could occasionally be a good idea. If it’s absolutely necessary for someone to get to work and they have no other way to pay for the car, then it might not be a terrible idea for them to go into debt to buy it. That doesn’t mean they should neglect searching for a good deal on a quality used car.

The article I linked to in the first paragraph discusses some of God’s warnings against debt. The point of this article is not to encourage debt but to show that there are reasonable uses for debt. An all-out hatred and avoidance of debt is not Biblically sound and can actually be quite detrimental and unwise. Even so, I think having as little debt as possible is a good idea most of the time.

]]> By: Financialbondage http://www.providentplan.com/1902/debt-is-not-evil/#comment-7129 Financialbondage Tue, 01 Jun 2010 20:02:50 +0000 http://www.providentplan.com/?p=1902#comment-7129 Since new cars lose 25% of value the first year, and 70% by year 4, I'm not sure I would agree that a new car is good debt. Car payments they can't afford is one big reason most Americans are broke. You are right, debt is not evil. God has no problem with Christians borrowing money. He does however, warn us that borrowing is a bad idea. "The borrower is a slave to the lender". Proverbs 22:7 Since new cars lose 25% of value the first year, and 70% by year 4, I’m not sure I would agree that a new car is good debt. Car payments they can’t afford is one big reason most Americans are broke. You are right, debt is not evil. God has no problem with Christians borrowing money. He does however, warn us that borrowing is a bad idea. “The borrower is a slave to the lender”. Proverbs 22:7

]]> By: Michael Covington http://www.providentplan.com/1902/debt-is-not-evil/#comment-6678 Michael Covington Thu, 06 May 2010 13:59:21 +0000 http://www.providentplan.com/?p=1902#comment-6678 Very good point, BD. By the way, some Christian counselors say, "Don't borrow money -- just work out a payment plan with the doctor (or hospital, or mechanic, etc.)." That *is* borrowing money! And it is sometimes unavoidable. Very good point, BD. By the way, some Christian counselors say, “Don’t borrow money — just work out a payment plan with the doctor (or hospital, or mechanic, etc.).” That *is* borrowing money! And it is sometimes unavoidable.

]]> By: Paul Williams http://www.providentplan.com/1902/debt-is-not-evil/#comment-6677 Paul Williams Thu, 06 May 2010 13:43:00 +0000 http://www.providentplan.com/?p=1902#comment-6677 Thanks for your comment, BD! You've made a good point. I guess I didn't consider it in this article since I was thinking of debt that we might choose to use. Unavoidable debts aren't really a choice. I'm wondering what other alternatives there could be for solving some of the problems you highlighted. Insurance could help with the first two examples (but that's if you can afford the insurance). And it's possible to live without a car, but it requires living close to work, the grocery store, and other places you frequent. That's not always a viable solution for everyone. Are there any alternatives you can think of for the situations you mentioned? Thanks again for taking the time to comment. This is a good subject, so I might write an article just about unavoidable debt. Thanks for your comment, BD! You’ve made a good point. I guess I didn’t consider it in this article since I was thinking of debt that we might choose to use. Unavoidable debts aren’t really a choice. I’m wondering what other alternatives there could be for solving some of the problems you highlighted. Insurance could help with the first two examples (but that’s if you can afford the insurance). And it’s possible to live without a car, but it requires living close to work, the grocery store, and other places you frequent. That’s not always a viable solution for everyone. Are there any alternatives you can think of for the situations you mentioned?

Thanks again for taking the time to comment. This is a good subject, so I might write an article just about unavoidable debt.

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