Finance Tip of the Day

When I Borrow, Should I Pay Back?

  • 2018 10 Apr
When I Borrow, Should I Pay Back?


When I Borrow, Should I Pay Back?

God’s word never speaks of debt as a sin, but there are clear references to debt as “slavery.” Borrowing money is never encouraged in the scriptures, and when Moses spoke to the people of Israel, borrowing from others was listed as a consequence of disobedience. So what parameters should we live by when borrowing money?

Pay back every penny! The Bible is clear that when we do decide to take on debt, we are to pay back what we borrowed! In Psalm 37 we read: “The wicked borrows but does not pay back…” Or how about Ecclesiastes: “It is better that you should not vow than that you should vow and not pay.”  Because God’s word gives strict direction to the lenders to extend grace to those who can’t repay debt, we often treat it as a way out of fulfilling our obligation as a borrower, which is to pay back the debt we took on. The lender’s obligations do not release us from our responsibility as a borrower!

Today's tip brought to you by Mvelopes and Money4Life Coaching.