3 Biblical Principles for Debt With Sharon Epps | FaithFi
September 27, 2023
3 Biblical Principles for Debt With Sharon Epps
Faith & Finance with Rob West
Surveys show that taking on debt ranks near the top of the list of financial regrets. Debt can make profound changes in your life and have spiritual consequences. Sharon Epps joins us to talk about that today.
Sharon Epps is president of Kingdom Advisors, the organization dedicated to training your financial advisors on the biblical principles of managing money.
"Live, give, owe, and grow" are principles that guide our money management, and today we're focusing on "owe" or debt.
The Bible doesn't explicitly state that borrowing is wrong, but it does caution that debt can be enslaving and change relationships between borrowers and lenders.
[2:14]3 SIMPLE BIBLICAL PRINCIPLES FOR HANDLING DEBT
Repay what you borrow. Psalm 37:21 teaches, “The wicked borrow and do not repay, but the righteous give generously."
Free yourself from debt as quickly as possible. Proverbs 22:7 carries the stark warning, “The rich rule over the poor, and the borrower is slave to the lender.”
And finally, we are to serve God, not money. Matthew 6:24 says plainly, “No one can serve two masters. Either you will hate the one and love the other, or you will be devoted to the one and despise the other. You cannot serve both God and money.”
The primary reason to avoid debt is to have the freedom to serve God and make decisions aligned with His will, rather than being enslaved to financial obligations.
[3:49]
WHAT SHOULD SOMEONE STRUGGLING WITH DEBT DO FIRST?
1. They should turn to prayer, seeking God's guidance and committing to follow His will.
2. It's crucial to start saving money, even by creating an emergency fund.
3. focus on paying off credit card and consumer debt as a priority.
On today’s program, Rob also answers listener questions:
Caller (Martha): Should I consider selling my two-year-old car, a 2021 Subaru with 26,000 miles and a $17,291 balance, or keep it for now?
Caller (Nancy): Is it a good idea to have a certified advisor review our 14-year-old annuity to see if there's a better product or if our fees are too high?
Caller (Cindy): I'm in my early 40s, recently divorced, and financially illiterate. How can I build financial security for the long run after being a stay-at-home mom for 12 years?
Caller (Greg): My wife and I want to redo our will, and we have four children. We're concerned about one child's ability to manage money. What's the best approach for dividing our assets?
Caller (Marianne): I'm 72 years old, still working, and considering an annuity with $250,000. Should I go ahead with the annuity, and what percentage should I allocate to it compared to other investments?
Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.
