Why Do People Go Into Debt?

Why do people go into debt? Usually it is from ignorance of the eventual financial consequences. True enough, sometimes, unforeseen disasters occur that are completely out of a person’s control. This may include the loss of a job or gigantic health and medical bills that come out of nowhere. Usually these are rare exceptions. For most people, debt comes by personal choice: having a personal choice, but making the wrong financial decision.

Some people go into debt because they are not aware of the biblical principles that concern the bondage of debt. Others are fully aware of what the Bible says, but, by their actions, imply they believe these are not commands or requirements, rather suggestions to take or leave. First of all, if Scripture records only suggestions, then is the entire Bible a take-it-or-leave-it opportunity? Second, if it were merely a suggested pattern for living, would you not trust it to be the very best advice you could possibly get?

It is scriptural to become debt free. Romans 13:7-8 tells us,

“Give everyone what you owe him: If you owe taxes, pay taxes; if revenue, then revenue; if respect, then respect; if honor, then honor. Let no debt remain outstanding, except the continuing debt to love one another, for he who loves his fellowman has fulfilled the law.”

Tell me about “why” at some time, you went into debt! Your comments appreciated!

Content © Rich Brott, 2011

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I went into debt to purchase a car because I wanted to get it for my wife for her college graduation. I did not want to wait, PLUS I thought that I would always have a car payment. Everyone I knew had a car payment.