What is the Bible’s advice on debt?

Not only has Canada become a debtor nation (click here), but most Canadians are drowning in debt. Our day–to–day dependence on debt begs the question: Can the bible teach us anything about debt?

First, the Bible warns that “the borrower is servant to the lender” (Proverbs 22:7).

As such, we are warned against the folly of being excessively indebted to those who may be unforgiving in their demands for repayment.

We ought to take seriously the wisdom of the proverb:

“Do not be a man who strikes hands in pledge or puts up security for debts; if you lack the means to pay, your very bed will be snatched from under you” (Proverbs 22:26–27).

Finally, whether in the theocracy of ancient Israel or the liberal democracy of modern Canada, we should all strive to be good stewards of the resources with which we have been entrusted with.  If we borrow, we should do so with prudence.