Moneywalk 167: The Spirit of Debt

This program will help you undo financial bondage.

There is a spirit of debt over our nation that leads most people to be massive spenders of borrowed money on consumer goods instead of givers to vital ministries and savers and investors for future growth to cover emergencies and desires. Many people get into financial trouble and then try to get out of the trouble the same way they got into it: by borrowing more money to pay what they owe current lenders.

I have seen such unwise stewardship lead to greater hardships for many people not far down the road. Other people filed for bankruptcy to eliminate as much debt as possible and then went right back to borrowing to get all the desires they could. In the process, they paid much higher finance charges on material purchases than in the past. Sometimes as high as 20% to 30% on cars, etc. and 10% to 20% on home mortgages. Again, they suffered greater financial hardship not far down the road.

It is not wise to obtain more loans to pay off current debts or file bankruptcy without also changing your money management habits. These methods, at most, will delay your agony for a short time while putting you in a worse financial position in the long run. At some point, you must curtail your spending and borrowing habits and show discipline in sticking to a spending plan. When you discipline yourself to be a wise steward of the resources God entrusted to you by utilizing His principles to guide how you manage money then it may help to consolidate debt so that you owe no more, will be charged a lower interest rate, and will have fewer creditors to pay. In this situation, you will be able to pay your debt off faster.

The spirit of debt is running rampant and has caused great turmoil among our people and nation. There are even companies that take advantage of people who have been unwise stewards by offering to work on their behalf to lower their debt if they only pay them a hefty up-front fee to do so. Most times, these fly by night services leave the debtor in worse condition than before. Such calamities are made possible by the spirit of debt and our engaging his methods for purchasing our desires.

God said He desires that His people be debt-free. Don’t fall for the okee-doke from the devil. Draw close to God and learn God’s will for your well-being (financial and otherwise) as contained in scripture and pursue it. Then, you can be sure that He will provide all your need according to His riches in glory in Christ Jesus. Otherwise the spirit of debt will engage the lust of the eyes and the flesh and the pride of life to cause borrowing to consume you and place you in slavery to the world, satan, and his demonic forces.

Please pray for this ministry and email any questions. May God bless you richly as you follow His plan!!!

Deuteronomy 28:43-45, Proverbs 22:7, Romans 13:8, James 4:3-4