Does the Bible forbid all forms of debt?

[evangelist6589]

Reading Mac's book Whose Money is it anyway? he makes lots of good arguments against debt and consumeristic spending. People buying cars, ipods, iphones, houses, and the like they cannot afford are all in bondage to debt. Sadly I also am in bondage to debt due to stupid and foolish mistakes I made in 2001 by taking on massive student loans I could never pay back. I was ignorant then and have reaped the consequences. However in the last 6 months I have spent 3 months unemployed and have incurred some new credit card debt to pay for things such as car repairs, medical bills, and the like. Mac does not condemn all use of credit cards (unlike Dave Ramsey) but simply unwise use. For those in a situation like mine he would probably argue its best to SAVE what you can so you will not rely on debt.

Since I got a job recently I am going to SAVE what I can and pay min on my debts until I get enough saved. I am told I am doing well so far, and I have been working OT everyday, so Lord willing it will work out. But encase it does not, its good to have a savings for backup, so if I were to become unemployed I will not rely on credit cards. I will do everything I can which includes working OT, doing the best of my ability, showing up on time, and having a good attitude. However sometimes that is not enough.

So what do you say are all forms of debt forbidden in the bible? Ramsey seems to condemn those that pay off their cards each month in full which I think is not Biblical.

 

[preachinjesus]

Debt is not forbidden by the Bible.

 

[evangelist6589]

Debt is not forbidden by the Bible.

Thats what Mac seems to say. I am on chapter 4 but he argues against unwise debt such as new TV's, car's, ipods, houses, phones, ipads, movies, and stuff we cant afford. He does not talk about people taking on debts for medical or car repairs or other necessities.

 

[ktn4eg]

Depends on what you're going into debt for.

IDEALLY, we shouldn't incur debt, but there are times when that may be impossible to do.

Just be sure that the reason(s) you incur debt is for necessities, not just to have "whatever" merely for the sake of having it.

Ramsey's OK on some things, but off on others.

 

[annsni]

Debt is not forbidden but it is highly discouraged because it is not God's best just as divorce is not forbidden.

Other than getting a small emergency fund, it is not smart to pay minimums on your debt to save up money. You are LOSING money when you do this because consumer debt is ridiculously high and no matter what you invest your money in, you will never recoup it. It is better to get a small emergency fund and pay off your debts as quickly as possible. Rather than getting $1000 in the bank, put $200 there and $800 to pay off that which you have promised to pay. Live very frugally and get those debts paid off.

Remember that when you do not pay back your debt, you are a liar. You took the debt with a promise that you would repay so it needs to be repaid. If you are not able to pay it because you're unemployed is not the fault of the lender - it's the borrowers. Do not be a slave to the borrower. Pay your debts.

 

[evangelist6589]

Debt is not forbidden but it is highly discouraged because it is not God's best just as divorce is not forbidden.

Other than getting a small emergency fund, it is not smart to pay minimums on your debt to save up money. You are LOSING money when you do this because consumer debt is ridiculously high and no matter what you invest your money in, you will never recoup it. It is better to get a small emergency fund and pay off your debts as quickly as possible. Rather than getting $1000 in the bank, put $200 there and $800 to pay off that which you have promised to pay. Live very frugally and get those debts paid off.

Remember that when you do not pay back your debt, you are a liar. You took the debt with a promise that you would repay so it needs to be repaid. If you are not able to pay it because you're unemployed is not the fault of the lender - it's the borrowers. Do not be a slave to the borrower. Pay your debts.

Thats the plan however a trip to the mechanic today wielded a $450 bill. So making min payments is all I can do! When I was unemployed it was virtually impossible not to have debts with these kinds of things happening. But the god news is that this bill I will pay and not use the Credit Card.