tIs It Ever Right To Borrow

Is it ever right to borrow?

Basic Biblical Principles for Borrowing

A.  Borrowing is not a sin.

1.  Liberal in lending - Matt 5:42.

2.  Legitimate interest on savings/loans - Matt 25:14-30; Luke 19:11-27

3.  Lenient on debtors - Matt 18:33

4.  No outstanding debts - Rom 13:8

5.  Loan freely to the poor - Deut 15:1-3, 8

6.  No condemned of debtors - II Kings 4:1-7; Neh 5

7.  Debt as a spiritual illustration

B.  Take heed to the Biblical warnings about debt -- Prov 6:1-5; 11:15; 20:16; 22:7 Jer 15:10; Matt 18:21-35; Luke 7:41-47; 16:1-13

1.  Quick settlement - Prov 6:1-5

2.  Causes suffering - Prov 11:15; 20:16; I Tim 5:8; Mt 18:21-35; Lk 7:41-47; 16:1-13

3.  Borrower servant to the lender - Prov 22:7

4.  Attacks from others - Jer 15:10

5.  Hinders giving - Ps 37:21

6.  Symptom of greed or covetousness - Luke 12:15

7.  Can change a relationship - Rom 13:8

8.  May deny God an opportunity to work -- Isa 55:8; James 4:12-17

C.  All debt must be repaid -- Ps 37:21; Prov 3:27-28; 22:7; 27:23; Rom 13:8; Phile 1:18-19

D.  You are responsible for anything you borrow -- Ex 22:13-15

E.  Avoid the use of debt

1.  Develop sales resistance.

2.  Be content. - Luke 3:14; Phil 4:11; I Tim 6:6-10; Heb 13:5

3.  Live on a budget

4.  Reduce existing debt by selling assets.

F.  Save for purchases rather than borrow -- Prov 13:11

G.  Borrow only when you meet the following criteria:

1.  Implications of debt.

a. Compounding works against you.

b. Easier getting in than out.

c.  Mortgages the future.

d.  Loss of freedom.

e.  Must be repaid.

2.  Return must be greater than the cost

3.  “Guaranteed” repayment

4.  The will of God

5.  Peace of mind

6.  Spouse in agreement