Debt is a major concern for most families today. Most of us are thousands and thousands of dollars of debt free. We often live from paycheck to paycheck, and we take care to pay our bills. In fact, if the emergency does occur, many of us would not be prepared. Worse yet, if we lose our work, there are only a few weeks away from bankruptcy.

With the media constantly tell us how much happier once we own a certain type of car or take that dream vacation, it’s hard not to believe. We are convinced to buy now and pay later, but it’s not in our interest.

The costs of debt more than most of us realize. Living debt free is much better. Here are seven problems associated with excessive debt consolidation.

Presumptions

The first problem with debt is that it assumes tomorrow. When we borrow, we are saying in essence our creditors that we will be here later to pay the debt. However, James reminds us, we’re not promised tomorrow. In James 4:14, says, “Why, you do not even know what will happen tomorrow. What is your life? You are a mist that appears for just a bit ‘and then disappears.”(NIV)

Strained relations

Debt also damages the relationship. When we must and can not pay, they tend to engage in avoidance behaviors that are common when you don’t want to face our creditor. Family feuds can arise. In most divorces today, problems with debt and finances are in part responsible and get out of debt.

Loss Control

Debt makes us lose control of our lives. Over 1 million people each year file bankruptcy. Bible disapproves of failure and encourages us to repay our obligations. Psalm 37:21 says, “The wicked borrow and do not repay, but the righteous give generously.”(NIV)

Loss of freedom

When we’re in debt, we also lose the freedom to decide how to spend the money they earn. We just have to go to work to pay for someone else. Our salaries are essentially gone before you take them home.

Bible disapproves of this behavior. Proverbs 22:7 compares the slavery of debt. It reads, “The rich rule over the poor, and the borrower is servant to the lender.”(NIV) Paul tells us in 1 Corinthians 7:23,”You were bought with a price, not to become slaves of men.”(NIV)

Denied the opportunity

Debt denies us opportunities. Given that our salaries are going to our creditors, we lose out of being able to buy the things we need. In case of emergency, such as problems in the car were to arise, and we had no money available to cover the emergency, we would end up getting increasingly into debt.

It denies the possibility of God blesses us with jobs so that we can use our profits to care for God’s Kingdom and ourselves. But if we are living from paycheck to paycheck, how can we do anything to help someone who may need?

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