The Negative Consequences of Debt

Debt is not a sin but has some negative consequences.

Scripture clearly condemns the misuse of debt and the failure to repay. Randy Alcorn, of Eternal Perspective Ministries, wrote about the Consequences of Debt years ago. He said: 

• Debt lingers. That new boat is fun for a while, but two years later, when it’s sitting in storage, the motor needs repair, and the kids don’t want to ski anymore, we’re still paying for it.

• Debt causes worry and stress. Experts say the bigger a person’s mortgage (or any other debt), the bigger the stress. Debt is a serious enemy of mental health.

• Debt causes denial of reality. We drive bank-financed cars, with credit card gas, to open department-store charge accounts, so we can fill our bank-funded homes with installment-purchased furniture. We live a lie and hock the future to finance it. 

• Debt is presumptuous, and debt deprives God of the chance to say “No” or to provide through a better means. 

• Debt is a major loss of opportunity. It’s the difference between money lost and money gained. Worse yet, it’s a lost opportunity to give, to help others, or for eternal rewards.

If we take God’s Word seriously, we should avoid debt as much as possible. In those rare cases where we do go into debt, we should make every effort to pay it off quickly. As the Apostle Paul said in Romans 13:8, “Let no debt remain outstanding, except the continuing debt to love one another, for whoever loves others has fulfilled the law.”

If you want help with your debt, check out our budget coaching program. It can put you on the road to financial freedom. Go to crown.org and click the “Get Help Now” tab. That’s crown.org.