Blessings of Avoiding Debt

"Now godliness with contentment is great gain." (1 Timothy 6:6)

My last post examined some of God's warnings about debt. In this one, I would like to highlight some of the blessings being debt-free can bring.

First, though, here's a picture:

The guy on the left has no money and no debts. Simple enough. The guy on the right has $100K from a loan. It looks like he's on top of the world. However, far below him is $100K he owes. Below that is the interest he will owe. He could fall and be in a lot of hurt.

In the diagram, no payments are made initially, so assuming he doesn't lose the money from the loan, he can pay it all back, except he will still have the interest to pay. If he loses the money from the loan, he will fall to the $0 position, except with a lot of money and interest owed. If he doesn't lose the money and starts to repay it after a time, the amount owed and interest will decrease somewhat, but the money from the loan will decrease much faster. It will run out and he will still owe money.

With that in mind, let's look at some of the blessings of being free from debt:

1. Peace
Staying out of debt keeps things simple. There's no extra monthly payment to earn.

2. Security
If you don't have a mortgage on your house, it's quite secure. You actually own it. If you do have a mortgage on your home, you don't really own it yet and could lose it and the money you put into it.

3. Flexibility and Freedom
Debt ties people down. If you're not in debt, it's possible to consider switching jobs, moving at a moment's notice, or doing something similar. Just imagine the possibilities! Also, you aren't a servant to a lender. You're free.

4. Ability to Advance God's kingdom
What if instead of paying a mortgage for 30 years, you could give to missionaries or other worthy causes? What difference this would make over decades! Or wouldn't it be a blessing to be able to take time to protest abortion or go on a mission trip? How about saving something for future generations? All this is much more possible if you're not in debt.

What if you're already in debt?
Jesus is greater than any sin or unwise choice. Simply repent of sin (if any) and go forward, seeking to avoid debt in the future. In John 8:11, Jesus told a woman caught in adultery, “Neither do I condemn you; go and sin no more.” Ask Jesus for freedom from debt, seek to change behaviors that have brought you into debt, and don't worry. Read Matthew 6:25-34. It's very encouraging. I'd also encourage you to check out the Debt Snowball Method.