Biblical Concepts of Debt Borrowing

Biblical Concepts Relating to Debt, Borrowing and Planning

Allen P. Boyarsky

August 21, 2016

Liberty University

BMAL-530-D03

Debt, Borrowing and Planning

Introduction

The conventional ethics of our time is dominated by altruistic philosophy, which has deep roots in religion. In some way debt has touched the lives of every person. The fact is that today most Americans gather so much debt in their lives and pay so much in interest that most of them do not save. Debt is a problem. However for us Christians debt and borrowing is a moral issue, and may have ethical guidelines. Accounting principles allow us to gage how debt is effecting us and our business.

Principle of debt and borrowing.

Biblical verses on debt. Is debt biblically is morally acceptable. Romans 13:8 says, “Owe nothing to anyone except to love one another; for he who loves his neighbor has fulfilled the law.” Many people use this scripture to argue that it is against the teachings of the Bible to borrow money. Unfortunately, most people will never have enough money, at any one time, not to have to borrow money or use credit.

In Proverbs the principle of debt is seen as placing a person who borrows money as a servant to the person who lenders the money. Proverbs 22:7 states "The rich rules over the poor, and the borrower becomes the lenders slave". During the time of Christ, debtors could be stripped of all they possessions, imprisoned or made a slave for the repayment of a debt. The argument is that God never intended his children to be placed in this position. Therefore, you could argue that this is not God's will. Most people believe that it is not morally wrong to go into debt and that the bible supports the idea of debt. The new testament contains numerous verses that instruct believers to repay what they owe.

Recently, more Americans are attracted to living a debt-free lifestyle; however, this is not as simple as it sounds. (Kozol, 2010).

Biblical verses on borrowing....