Debt
is a Latin word “Debitum” which means to owe something to someone.
Financial debt is owing someone or some people or organization some
amount of money as agreed on conditions between the parties involved
whether formally or informally, within a scheduled period of time with
required interest on the time value of money borrowed. It is a liability
not an asset. It is an obligation which must be settled.
13 Reasons Why People Are In Debt:
- To meet basic needs like food, clothing, housing and health challenges.
- To meet household needs like payment for household equipment
- To do ceremonies like birthdays, child naming, burials, wedding, friend’s party etc.
- To finance family project like housing project or business projects.
- To pay for business expenses or operational expenses like salaries
- To travel abroad for different reasons.
- To pay tithes, offerings, donations, vows and gifts in churches and other places.
- To leverage on other people’s money (OPM)
- To borrow as a duty or obligation or free offer. e.g. cooperative loans, staff loan, bank loans marketed to be given freely without stress and later to be deducted from salary
- To invest like buy real estate or stock and other investment strings.
- To live it as an inheritance for some people. I reject this for you in Jesus name.
- To use it as a revenge instrument on spouses, colleagues, company, church members and so on.
- To compete with friends, colleagues, neighbors and family members.
BIBLICAL THINGS TO KNOW ABOUT DEBT
Debt is a form of slavery. Debt
compromises income stream. The sooner you can get out of it and pay
your debt, the better. "The rich rules over the poor, and the borrower
is the slave of the lender." Proverbs 22:7. When you have your own debt
you cannot serve one another. Every cent you owe to a lender, plus
interest, handicaps both your ability to survive now and your ability to save for the future.
"She came and told the man of God, and he said, 'Go, sell the oil and
pay your debts, and you and your sons can live on the rest.’"2 Kings 4:7.
Debt prevents rest. The
Sabbath is a very important concept to God. He instituted it for
himself when he created the world. And he institutes it for humans who
work. Debt removes our ability to rest. When we are in debt, we are
forced to work extra hours, take a second job or side hustle and spend
more emotional energy on getting out of debt. This
makes it harder for Christians to rest at all. Without debt, rest comes a
little easier. Sabbath becomes much easier to practice with a clear
mind and heart. “At the end of every seven years you shall grant a
release. And this is the manner of the release: every creditor shall
release what he has lent to his neighbor. He shall not exact it of his
neighbor, his brother, because the Lord's release has been proclaimed." Deuteronomy
15:1-2. "When you vow a vow to God, do not delay paying it, for he has
no pleasure in fools. Pay what you vow." Ecclesiastes 5:4.
Which
of these reasons is not acceptable to you and which one is acceptable?
Check and adjust. Think about it. Is it God’s will for you to borrow? Is
it needful? How and when will you pay back? Are your assets more than
your debts? The decision you want to make now for how long will you bear
the consequences? Weigh your options and makes sure you are faithful to
repay the loans. Trust God for your needs and understand times and
seasons of life.
May
you not live ungodly inheritance for children in Jesus’ name. The power
of debt is broken in your life. There shall be divine provision to meet
your needs in Jesus name.
©Abiodun Fadare.17th August, 2020.
Adewale Abiodun Fadare is a Pastor, Bible Teacher, Finance Expert and Writer. He lives happily with his wife and children in Lagos, Nigera.
Kindly put your likes, comments, questions and testimonies as you are blessed.
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