Introduction: According to a recent 9News report, “An eye watering $86 billion is expected to be put on credit cards this Christmas and into the new year. But experts are reminding Aussies if they don’t pay off the debt, they’ll be hit with eye watering interest charges. This month was set to see the biggest credit card spending, with $27.7 billion being whacked on cards for Christmas as well as Boxing Day sales.”
Is borrowing wrong?Does God approve of Christians borrowing? Are there Bible principles to guide us in the area of debt?
Transition: Our text this evening is (Proverbs 22:7) “The rich ruleth over the poor, and the borrower is servant to the lender.” In this text, I find three guidelines for borrowing that if applied will protect us from the bondage of debt that is overwhelming millions today.
1. Borrow Cautiously
A. God promises to supply our needs.
(1) Jesus said in (Matthew 6:33) “But seek ye first the kingdom of God, and his righteousness; and all these things shall be added unto you.” In context, “all these things” include food, raiment, and shelter.
(2) God urges us to be content. (Hebrews 13:5) “Let your conversation be without covetousness; and be content with such things as ye have: for he hath said, I will never leave thee, nor forsake thee.“
(3) Again, we read in (1 Timothy 6:6) “But godliness with contentment is great gain.“
(4) Wanting more than we can afford or more than God provides is a wrong motive for debt.
B. At the same time, borrowing is not always wrong.
(1) Our text says nothing of it being wicked to borrow or to lend; it simply presents the facts.
(2) Jesus said in (Luke 19:23) “Wherefore then gavest not thou my money into the bank, that at my coming I might have required mine own with usury?” If borrowing was wicked, Jesus would not have condoned this practice.
(3) The Lord is not forbidding us to borrow, but he is warning us of the need for caution.
C. Remember, borrowing has a negative side.
(1) When you borrow, you agree to repay more than you borrowed. One exception to this is if you pay off your credit card at the end of each month.
(2) Note carefully how Solomon compared the rich ruling over the poor to the lender ruling over the borrower. Borrowing is a form of bondage. It makes the borrower a servant.
(a) In 2 Kings 4, we read that a poor widow’s sons were to be enslaved to pay for the debt her husband had incurred.
(b) In Nehemiah 5, poor Israelites had borrowed from their brethren to pay the king’s tribute, and now life was hard.
(c) In Matthew 18, Jesus told of a man who had borrowed far more than he could repay and his creditor demanded payment.
(3) Credit cards make it easy to purchase more than you need and beyond your means. Because of this ease, many are in indebted to creditors today, to the point that they borrow from one to pay their debt to another.
Borrow Cautiously
2. Submit Humbly
(Proverbs 22:7) “The rich ruleth over the poor, and the borrower is servant to the lender.“
A. Borrowing places others over you.
(1) Solomon tells us that the lender is the master over the borrower, just as the man with money rules over the man who has no money.
(2) There is nothing wrong with being under another person, but it does make one accountable.
(a) God ordained for wives to submit to their husbands.
(b) God ordained that children submit to their parents.
(3) If we buy something on credit, we have a legal bondage to the person or institution who gave us the credit. If we buy a non-essential on credit knowing that we have no funds to pay the debt, that is wrong. It is far better to be content with what God provides, or ask him to provide if he so wills.
B. Borrowing robs your freedom.
(1) You cannot spend money you earn for things you need or want until you pay your monthly debt.
(2) Debt makes it more difficult to tithe and give offerings to God.
(3) Those who fail to pay their debts will get a bad reputation, become distrusted, and may go to jail.
(4) As a Christian, if you have a debt, humbly submit to the fact that you will not be free until that debt is paid in full.
Borrow Cautiously, Submit Humbly
3. Repay Faithfully
(Proverbs 22:7) “The rich ruleth over the poor, and the borrower is servant to the lender.“
A. A debt is an obligation until it is paid.
(1) Paying faithfully on a debt is not a shame or a sin, but it is costing you interest, often a lot of interest.
(2) The right thing to do if you have a debt is to faithfully pay off that debt as quickly as possible.
(3) Christians shame the name of Christ when the creditor must hire a bill collector to try to get the money they owe.
B. When the debt is paid, the borrower is free.
(1) The best thing to do is to pay cash for all that you buy. Do without, scrimp and save until you accumulate enough to buy the item you desire. By doing this, you remain free and the money you are saving can earn interest for you.
(2) Buying a house may be an exception, but even then, live frugally in order to pay off the loan as quickly as possible so that you can be free.
(3) Living financially free is a peaceful way to live.
C. Filing bankruptcy is not a biblical option.
(1) Sadly, many people get themselves so far in debt that they cannot pay. When a person or business goes bankrupt, the creditors all lose. If the debtor is a Christian, the cause of Christ suffers.
(2) No matter what, the right thing to do is to keep paying the creditors until all the debt is paid, even if it takes a lifetime.
Conclusion: (Proverbs 22:7) “The rich ruleth over the poor, and the borrower is servant to the lender.“ So what have we learned from this verse? We have learned to borrow cautiously, submit humbly, and repay faithfully.
I hope that these principles are already part of your financial practices. If that is the case, use this reminder to sharpen your perspective and then pass on these principles to others you know, especially the younger generation. Young people, this verse is one that you need to apply to your life, beginning right now.
