10 Reasons Consumer Debt Won’t Go Away

Consumer debt is here to stay. Like the rest of society, Christians continue to accumulate debt to buy stuff to satisfy various wants. The Bible provides key passages that each of us needs to heed. It teaches us about God and money. Daily, we should recall Jesus’ words in Luke 12:15 (NIV): “Then he said to them, ‘Watch out! Be on your guard against all kinds of greed; life does not consist in an abundance of possessions.’” These are powerful, relevant words from Jesus to each of us. Applying them and heeding messages below will lower debt. What do you think?

Reasons Consumer Debt Won’t Disappear

Consumer Debt Leads To Empty Pockets
Consumer Debt Leads To Empty Pockets
  1. Folks don’t surrender every area of their lives to Messiah Jesus, don’t follow His directions, so they get lost. They acknowledge in their heads He owns 100%, but won’t allow him to handle more than a tithe, 10%, though that’s not today’s Biblical giving standard (2 Corinthians 8-9).
  2. Folks believe Jesus sees as they do, so they don’t believe, or trust Him to do in His time what they can’t see, and what He promises (Matthew 11:28).
  3. Folks don’t realize they must bear effects of their poor choices. They blame others: government, financial institutions, parents… .
  4. Folks don’t distinguish wants from needs; don’t realize Jesus supplies needs, banks supply funds for wants at a cost. Instead of going to Jesus, the Owner, and waiting for Him to satisfy needs, in their time, they go to financial institutions for funds.
  5. Folks don’t accept what they have, who they are, and where they are as the base to build on. They don’t accept their incomes should set living standards and their spending limit. Most of all, contrary to popular unbiblical teachings, they don’t accept that Jesus promises eternal life, not material wealth.
  6. Folks don’t give thanks in all circumstances (1 Thessalonians 5:18). They become victims, wallow in circumstances, focussing on them and miss what God prepared for them.
  7.  Folks are impatient. Instead of saving to buy stuff, they respond to merchants’ enticements, borrow and dig deep holes. So, they don’t plan for the predictable, and the need to replace the fridge, stove, car, or to pay their children’s post secondary education surprise them.
  8. Folks are proud and in an emergency, they panic and misdiagnose “needs” as money. They do not see the need as food, clothing, shelter, transport. Rather than be humble, seek help from their “brothers and sisters“ to satisfy a transport need as they wait to see what the Lord prepared for them, they borrow to fix the car now.
  9. Folks don’t creep before they walk: using a small or no down payment, because others are doing it, they buy a house that produces a mortgage they can’t afford.
  10. Folks don’t plug holes to stop leaking expenses. They don’t know their spending patterns, so they don’t realize how much they spend eating out, utilities, using cash at ATM’s, and on other minor items.

Check out our free, simple, frills-free envelope budgeting system.

Copyright (c) 2011, Michel A. Bell

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Michel A. Bell

Michel A. Bell is a former senior business executive, author of seven books — including his first children's book published in 2022 — speaker, and adjunct professor of business administration at Briercrest College and Seminary. Michel is a Fellow of the Chartered Certified Accountants (UK), holds a Masters of Science in management degree from Massachusetts Institute of Technology and a Doctor of Business Administration honoris causa from Briercrest College and Seminary. He is founder and president of Managing God's Money™ and Stewarding God's Resources.

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