Believer, the Bible has many, many warnings about being in debt.
"My son, don’t make yourself responsible for the debts of others. Don’t make such deals with friends or strangers. If you do, your words will trap you. You will be under the power of other people, so you must go and free yourself. Beg them to free you from that debt. Don’t wait to rest or sleep. Escape from that trap like a deer running from a hunter. Free yourself like a bird flying from a trap." Proverbs 6:1-5
"The rich rule over the poor, and the borrower is slave to the lender." Proverbs 22:7
"For the Lord your God will bless you as He has promised you, and you will lend to many nations, but you will not borrow; and you will rule over many nations, but they will not rule over you." Deuteronomy 15:6
"The Lord will open for you His good storehouse, the heavens, to give rain to your land in its season and to bless all the work of your hand; and you shall lend to many nations, but you shall not borrow." Deuteronomy 28:12
"At the end of every seven years you shall grant a remission of debts. This is the manner of remission: every creditor shall release what he has loaned to his neighbor; he shall not exact it of his neighbor and his brother, because the Lord’s remission has been proclaimed." Deuteronomy 15:2
(This, by the way, forms the basis of the loan forgiveness and Bankruptcy laws in our nation.)
"Let no debt remain outstanding, except the continuing debt to love one another, for whoever loves others has fulfilled the law." Romans 13:8
Beloved, never spend more than you earn, and live conservatively. Never incur indebtedness. The only things you should ever have loans for are homes or cars or college student loans, and then again, only if the interest rate on the loan is less than 5 percent. If you choose to have credit cards, pay them off every month. If you cannot, chip away on paying off your credit cards every month until you have no balances left on those. Then, close out the ones you don't use or don't foresee using in the future. A credit card is a bank loan --- generally with an interest rate of at least 12 percent ---which is quadruple what you would normally pay for a home or auto loan. People with bad credit can be charged up to 30 percent interest --- ten times the rate of a normal bank loan for a car. Credit Cards, when not paid off in full every month, can be as dangerous to your financial health as COVID or Cigarettes or large amounts of alcohol to your bodily health. Remember what I said earlier about loans? The road to sorrow and grief begins with a loan and ends in poverty. Contribute the most you are able, to your 401Ks every paycheck, and max out your IRAs every year. Use a good accountant and have your taxes professionally done by a good accountant. I have used H&R Block every year for over a decade and am very happy with their services. A good tax pro is critical and will save you a lot of money over the long haul. If you are financially savvy, do your own investing, otherwise hire a good Financial Advisor.
I cannot over-emphasize this...if you want to do God's work, learn humility first. If you are not humble, the LORD will forcefully humble you. What about this is unclear to you? Become humble and stay humble. If God Blesses you with plenty, do not show it off, but instead Praise and Thank God for the plenty He has given you. "thou anointest my head with oil; my cup runneth over." Instead of buying that huge house and that fancy car, be content with an average home and drive your car for years until it falls apart. (Unless you have a large family and need that huge house!!!) Never show off your wealth. Always tithe (give 10 percent to the Church) the first-fruits of your labor, save the next twenty percent and live on seventy percent of your take-home income. (The 10/20/70 rule)
"My son, don’t make yourself responsible for the debts of others. Don’t make such deals with friends or strangers. If you do, your words will trap you. You will be under the power of other people, so you must go and free yourself. Beg them to free you from that debt. Don’t wait to rest or sleep. Escape from that trap like a deer running from a hunter. Free yourself like a bird flying from a trap." Proverbs 6:1-5
"The rich rule over the poor, and the borrower is slave to the lender." Proverbs 22:7
"For the Lord your God will bless you as He has promised you, and you will lend to many nations, but you will not borrow; and you will rule over many nations, but they will not rule over you." Deuteronomy 15:6
"The Lord will open for you His good storehouse, the heavens, to give rain to your land in its season and to bless all the work of your hand; and you shall lend to many nations, but you shall not borrow." Deuteronomy 28:12
"At the end of every seven years you shall grant a remission of debts. This is the manner of remission: every creditor shall release what he has loaned to his neighbor; he shall not exact it of his neighbor and his brother, because the Lord’s remission has been proclaimed." Deuteronomy 15:2
(This, by the way, forms the basis of the loan forgiveness and Bankruptcy laws in our nation.)
"Let no debt remain outstanding, except the continuing debt to love one another, for whoever loves others has fulfilled the law." Romans 13:8
Beloved, never spend more than you earn, and live conservatively. Never incur indebtedness. The only things you should ever have loans for are homes or cars or college student loans, and then again, only if the interest rate on the loan is less than 5 percent. If you choose to have credit cards, pay them off every month. If you cannot, chip away on paying off your credit cards every month until you have no balances left on those. Then, close out the ones you don't use or don't foresee using in the future. A credit card is a bank loan --- generally with an interest rate of at least 12 percent ---which is quadruple what you would normally pay for a home or auto loan. People with bad credit can be charged up to 30 percent interest --- ten times the rate of a normal bank loan for a car. Credit Cards, when not paid off in full every month, can be as dangerous to your financial health as COVID or Cigarettes or large amounts of alcohol to your bodily health. Remember what I said earlier about loans? The road to sorrow and grief begins with a loan and ends in poverty. Contribute the most you are able, to your 401Ks every paycheck, and max out your IRAs every year. Use a good accountant and have your taxes professionally done by a good accountant. I have used H&R Block every year for over a decade and am very happy with their services. A good tax pro is critical and will save you a lot of money over the long haul. If you are financially savvy, do your own investing, otherwise hire a good Financial Advisor.
I cannot over-emphasize this...if you want to do God's work, learn humility first. If you are not humble, the LORD will forcefully humble you. What about this is unclear to you? Become humble and stay humble. If God Blesses you with plenty, do not show it off, but instead Praise and Thank God for the plenty He has given you. "thou anointest my head with oil; my cup runneth over." Instead of buying that huge house and that fancy car, be content with an average home and drive your car for years until it falls apart. (Unless you have a large family and need that huge house!!!) Never show off your wealth. Always tithe (give 10 percent to the Church) the first-fruits of your labor, save the next twenty percent and live on seventy percent of your take-home income. (The 10/20/70 rule)
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