Breaking Free from the Bondage of Debt
Summary
### Summary
Today, we explored the critical topic of declining debt and breaking free from its bondage. Debt is a pervasive issue in our society, often normalized and even encouraged through various forms of marketing and societal pressures. Proverbs 22:7 states, "The borrower is the slave of the lender," a powerful reminder that debt enslaves us to our past decisions, limiting our present and future. I shared my personal journey of falling into debt early in my ministry and the painful but liberating process of getting out of it. This journey involved making tough decisions like selling a leased car, cutting up credit cards, and living within our means.
We discussed the importance of creating a budget to understand our financial situation better and make informed decisions. The culture around us often pressures us to live beyond our means, but we must resist this and make wise financial choices. Debt should not be trivialized or accepted willingly; it derails financial progress and enslaves us to our past. We must strive to avoid all forms of debt, except for unavoidable ones like a mortgage, necessary education, or starting a business with wise counsel.
The message emphasized the need for radical action to break free from debt. This includes cutting up credit cards, canceling unnecessary subscriptions, and selling items we don't need. The goal is to live a life free from the bondage of debt, allowing us to be better stewards of what God has entrusted to us and to live generously. By taking these steps, we can experience financial freedom and align our lives with God's will, which is for us to live free and prosperous.
### Key Takeaways
1. Debt Enslaves Us to Our Past Decisions: Proverbs 22:7 reminds us that "The borrower is the slave of the lender." Debt ties us to our past choices, limiting our present and future. It is crucial to understand that debt is not just a financial issue but a spiritual one that affects our freedom and ability to follow God's will. [10:55]
2. Create and Stick to a Budget: One of the first steps to financial freedom is creating a budget. This helps us understand our income and expenses, allowing us to make informed decisions. A budget is a powerful tool that can prevent us from falling into the trap of spending money we don't have. [06:20]
3. Radical Action is Required to Break Free from Debt: Breaking free from debt requires drastic measures. This includes selling unnecessary items, cutting up credit cards, and canceling subscriptions. These actions may be painful and slow, but they are necessary for long-term financial health and freedom. [33:09]
4. Avoid All Forms of Unnecessary Debt: Except for unavoidable debts like a mortgage, necessary education, or starting a business with wise counsel, we should strive to avoid all other forms of debt. This includes vehicle debt, credit card debt, and even afterpay. Living within our means is crucial for financial freedom. [12:27]
5. God's Will is for Us to Live Free and Prosperous: God's desire is for us to live free from the bondage of debt. By aligning our financial practices with biblical principles, we can experience God's favor and blessings. This involves being faithful stewards of what God has entrusted to us and living generously. [43:30]
### YouTube Chapters
[0:00] - Welcome
[03:19] - Personal Debt Journey
[04:42] - The Trap of Easy Credit
[06:20] - The Power of Budgeting
[07:47] - The Painful Path to Freedom
[09:24] - Lessons Learned from Declining Debt
[10:55] - Biblical Perspective on Debt
[12:27] - Types of Debt to Avoid
[14:08] - Living Within Your Means
[16:03] - The Culture of Debt
[17:38] - Marketing Debt to Us
[19:03] - The True Cost of Debt
[22:09] - Fighting Against Debt Culture
[23:37] - Psychological Impact of Debt
[25:11] - Practical Steps to Avoid Debt
[28:15] - Emotional Ownership of Money
[29:51] - Canceling Credit Cards
[31:32] - The Benefits of Financial Freedom
[33:09] - Steps to Deal with Debt
[39:44] - Life Beyond Debt
[41:17] - Responding to God's Word
[43:30] - God's Promise of Restoration
[44:16] - Closing Prayer and Declaration
Study Guide
### Bible Reading
1. Proverbs 22:7 - "The borrower is the slave of the lender."
2. Deuteronomy 15:6 - "You will lend to many nations and you will borrow from none."
3. Romans 13:8 - "Let no debt remain outstanding."
### Observation Questions
1. According to Proverbs 22:7, what is the relationship between the borrower and the lender? How does this verse frame the concept of debt? [10:55]
2. What were some of the drastic measures the pastor took to break free from debt? [07:47]
3. How does Deuteronomy 15:6 reflect God's will for His people regarding debt? [10:55]
4. What does Romans 13:8 suggest about the attitude we should have towards debt? [31:32]
### Interpretation Questions
1. How does the concept of being a "slave to the lender" in Proverbs 22:7 affect our spiritual and financial freedom? [10:55]
2. Why is creating and sticking to a budget considered a crucial step towards financial freedom? How does this align with biblical principles? [06:20]
3. What are the potential spiritual and emotional impacts of living with debt, as discussed in the sermon? [23:37]
4. How does the pastor's personal journey of declining debt illustrate the importance of making wise financial decisions? [09:24]
### Application Questions
1. Reflect on your current financial situation. Are there any forms of debt that you need to address immediately? What steps can you take this week to start reducing that debt? [33:09]
2. The pastor mentioned the importance of creating a budget. Have you created a budget for your finances? If not, what is stopping you, and how can you overcome those obstacles? [06:20]
3. What unnecessary expenses can you cut from your life to help reduce debt? Consider subscriptions, dining out, or other non-essential spending. [36:28]
4. How can you apply the principle of living within your means in your daily life? Are there specific areas where you tend to overspend? [14:08]
5. The sermon emphasized the need for radical action to break free from debt. What radical steps are you willing to take to achieve financial freedom? [33:09]
6. How can you align your financial practices with God's will, as described in Deuteronomy 15:6 and Romans 13:8? What changes do you need to make to live more generously and as a faithful steward of God's resources? [10:55]
7. Think about a time when you felt the pressure to live beyond your means due to societal or marketing influences. How can you resist these pressures and make wiser financial choices in the future? [20:42]
Devotional
Day 1: Debt Enslaves Us to Our Past Decisions
Debt is not just a financial burden; it is a spiritual one that ties us to our past choices and limits our present and future. Proverbs 22:7 states, "The borrower is the slave of the lender," highlighting the bondage that debt creates. When we are in debt, we are not free to follow God's will fully because our resources and focus are divided. Debt can lead to stress, anxiety, and a sense of hopelessness, which can affect our spiritual well-being and our ability to serve others effectively.
Understanding the spiritual implications of debt is crucial. It is not merely about managing money but about aligning our lives with God's principles. By recognizing the enslaving nature of debt, we can take steps to break free from it and live a life that is more in line with God's desires for us. This involves making conscious decisions to avoid unnecessary debt and to live within our means, thereby freeing ourselves to serve God and others more fully. [10:55]
Proverbs 22:7 (ESV): "The rich rules over the poor, and the borrower is the slave of the lender."
Reflection: Think about a past financial decision that has led to debt. How has this debt affected your ability to live freely and follow God's will? What steps can you take today to start breaking free from this bondage?
Day 2: Create and Stick to a Budget
Creating and sticking to a budget is one of the first steps toward financial freedom. A budget helps us understand our income and expenses, allowing us to make informed decisions about our finances. It is a powerful tool that can prevent us from falling into the trap of spending money we don't have. By setting financial goals and tracking our spending, we can ensure that we are living within our means and not accumulating unnecessary debt.
A budget is not just about restricting spending but about making wise choices that align with our values and priorities. It allows us to allocate resources to what truly matters, such as giving, saving, and investing in our future. By being intentional with our finances, we can avoid the stress and anxiety that come with financial uncertainty and instead experience peace and stability. [06:20]
Luke 14:28-30 (ESV): "For which of you, desiring to build a tower, does not first sit down and count the cost, whether he has enough to complete it? Otherwise, when he has laid a foundation and is not able to finish, all who see it begin to mock him, saying, ‘This man began to build and was not able to finish.’"
Reflection: Take a moment to review your current financial situation. Do you have a budget in place? If not, what steps can you take today to create one? If you do, how can you improve it to better align with your financial goals and values?
Day 3: Radical Action is Required to Break Free from Debt
Breaking free from debt requires radical and often painful actions. This may include selling unnecessary items, cutting up credit cards, and canceling subscriptions. These steps are not easy, but they are necessary for long-term financial health and freedom. By taking these drastic measures, we can begin to regain control over our finances and move toward a debt-free life.
The process of breaking free from debt is not quick or easy, but it is worth it. It requires discipline, sacrifice, and a commitment to making wise financial choices. By taking these steps, we can experience the freedom and peace that come from being debt-free. This allows us to be better stewards of what God has entrusted to us and to live generously, without the burden of debt holding us back. [33:09]
Hebrews 12:11 (ESV): "For the moment all discipline seems painful rather than pleasant, but later it yields the peaceful fruit of righteousness to those who have been trained by it."
Reflection: What radical actions can you take today to start breaking free from debt? Consider specific steps such as cutting up a credit card or selling an unnecessary item. How can these actions help you move toward financial freedom?
Day 4: Avoid All Forms of Unnecessary Debt
Except for unavoidable debts like a mortgage, necessary education, or starting a business with wise counsel, we should strive to avoid all other forms of debt. This includes vehicle debt, credit card debt, and even afterpay. Living within our means is crucial for financial freedom. By avoiding unnecessary debt, we can prevent the stress and limitations that come with being financially overextended.
Living within our means requires discipline and intentionality. It involves making conscious choices to prioritize needs over wants and to save for future expenses rather than relying on credit. By doing so, we can build a solid financial foundation that allows us to live freely and generously. Avoiding unnecessary debt also enables us to be better stewards of the resources God has given us, using them in ways that honor Him and benefit others. [12:27]
Romans 13:8 (ESV): "Owe no one anything, except to love each other, for the one who loves another has fulfilled the law."
Reflection: Reflect on your current financial obligations. Are there any forms of unnecessary debt that you can work to eliminate? How can you adjust your spending habits to avoid accumulating new debt in the future?
Day 5: God's Will is for Us to Live Free and Prosperous
God's desire is for us to live free from the bondage of debt. By aligning our financial practices with biblical principles, we can experience God's favor and blessings. This involves being faithful stewards of what God has entrusted to us and living generously. When we manage our finances according to God's will, we can experience the freedom and prosperity that He intends for us.
Living free and prosperous does not necessarily mean having an abundance of material wealth, but rather experiencing the peace and contentment that come from being good stewards of God's resources. It means using our finances in ways that honor God and bless others. By doing so, we can experience the joy and fulfillment that come from living in alignment with God's will. [43:30]
3 John 1:2 (ESV): "Beloved, I pray that all may go well with you and that you may be in good health, as it goes well with your soul."
Reflection: How can you align your financial practices with God's principles? Consider specific ways you can be a faithful steward of the resources God has given you. How can you use your finances to bless others and honor God?
Quotes
1. "We are not going to get declined by an EFTPOS machine. We are going to say declined to the spirit of debt that is trying to enslave our generation. This is freedom day. In Proverbs chapter 22, verse 7 is our main verse for the day. Say it out loud. It's going to be on your screen. Say it out loud with me, everybody. One, two, three. The borrower is the slave of the lender." [03:19] (24 seconds) (Download raw clip | Download cropped clip)
2. "We began to make slow, steady progress in the right direction. God breathed on our steps. Eventually, all our debt was gone and we began to save. And the truth is that as painful of that as that journey was, without any shadow of a doubt, it is the best thing that has ever happened to me financially. In my life, that journey of learning to decline debt literally scarred me for life." [09:24] (30 seconds) (Download raw clip | Download cropped clip)
3. "If grace teaches us anything, it is that the heart of God is to free us so that we live free in today and then to move forward into our tomorrow. What's the will of God? Deuteronomy 15, 6. You will lend to many nations and you will borrow from none. And in the culture in which we live, you've got to... A thousand voices rationalizing debt." [10:55] (26 seconds) (Download raw clip | Download cropped clip)
4. "Debt means yesterday's choices are deciding today's options. Debt derails finances. Debt derails finances. Debt derails financial progress. And we learned yesterday that progress... Last week, sorry. That progress is slow. There is a growing bondage in our world today. As a church, we encounter it all the time. We are counseling and helping people, supporting people with a growing bondage in our world today. The destructive bondage of debt." [12:27] (30 seconds) (Download raw clip | Download cropped clip)
5. "Drive a piece of junk car and drive that car with swagger. Yes, this car is seven different colors. But I have no debt on this car and that gives me some attitude. Hard while you're at university to avoid incurring maximum debt. Don't have a credit card. Holiday at home if you have to. Don't buy anything you can't pay cash for. Avoid debt. The borrower is slave to the lender." [14:08] (41 seconds) (Download raw clip | Download cropped clip)
6. "Debt is trying to live forward while you're paying for what is backward. That's why we need grace because the debt is real of our sin and Jesus frees us from the debt of our sin so that we can have a future. But here's the thing. The only debt Jesus pays for is the debt of our sin. He doesn't pay for the debt of our holiday. He doesn't pay for the debt of our swagger wardrobe. He doesn't pay for the debt that we've incurred for silly things." [25:11] (30 seconds) (Download raw clip | Download cropped clip)
7. "Contentment, settling with what you have is the most powerful financial tool you have in your arsenal. Be content with what you have. Decades of marketing have led us to think that we will be better. Our lives will be better if we can purchase X and debt becomes the impact of us believing that lie. You will be happier if you have no debt. You will have more options if you have no debt. You will need to earn less money if you have no debt. You can do more for others if you have no debt. You can do more for God if you have no debt." [31:32] (44 seconds) (Download raw clip | Download cropped clip)
8. "Get rid of your ability to go into more debt. Cut up your credit cards. Young people never have a credit card. Cancel all agreements you have with finance companies. I remember once in the early day, you know, like we, we, you know, we had that high purchase lounge suite and then it was amazing because it was like each year that went on, I wasn't using the agreement. I'd cancelled the high paid off and never had another one, but they kept sending me out pre-approval letters." [34:41] (31 seconds) (Download raw clip | Download cropped clip)
9. "Sell everything to pay off the debt. Debt is real. It's dangerous. It's cancerous. It's hurting us. If we've got all this stuff in our lives that we got by getting into debt, why don't you think about selling it to get yourself back out of debt? Trade me. Facebook Marketplace. Sell everything. Get rid of your debt. Fast track your future. I sold a car and ended up with a debt on it. The reason why was because it was going to be cheaper in three years' time to have the debt of a car I no longer owned than to have the debt of the car that I kept." [37:58] (46 seconds) (Download raw clip | Download cropped clip)
10. "There is life beyond debt. God's got a plan for your life, my friend. Life in all its fullness. God wants you to make a difference. God wants you sleeping in peace. God wants you leaving a legacy for the generation that comes after you. God wants you prosperous. God wants you living generously. God wants you making a difference in the lives of others. So we are going to unite together and say, debt, you are declined in my life. You are declined in this church. We're going to break the spirit of debt that is enslaving to me." [39:44] (40 seconds) (Download raw clip | Download cropped clip)
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