Credit Crisis and the Faith Community

Today's headlines point to the historical relationship between living a well-prioritized life and sound business judgment. A prominent factor in the current economic crisis is the role of credit, from the point of view of both the creditor and the debtor.

In certain circumstances, debt financing is part of an overall risk calculation that is entirely rational. However, one's need to borrow may also reflect some rule of economics that one has already violated.

One well-respected financial author stresses that the problem is not credit per se, but instead the misuse of credit. He points out that rather than prohibiting borrowing, the bible usually cautions against getting into debt.

The scriptures further warn about underlying circumstances in which one becomes indebted to another. Metaphorically, one may consider borrowing to be a symptom of something else that has gone wrong, even if it is not an actual disease.

One common thread in the bible's financial instruction is that God gives greatest priority to relating to His people. One is encouraged to seek God's help in addressing any debt problem that one faces. On the other hand, one is also encouraged to pay God first, before sending repayment to any mere creditor.

A debtor posture may also indicate that one previously has violated some command that God has given to His people. One notable passage from the Mosaic writings indicates that one's need to borrow is a sign that one is experiencing a punishment for having disobeyed God. The scriptures also warn against making any pledge on another's behalf without obtaining collateral.

A believer vigilantly must avoid any unholy and unwise financial commitment, decisively taking any action necessary to become free of any that already exists. This also means obtaining adequate protection against harm from any other person whose business practices are unholy or unwise.

Another noted financial author explains that God's provision for His people extends beyond material blessings, but that obeying God's statutes gives one a reason to expect financial reward, instead of debt.

The bible teaches that a righteous person pays back his debts, and that paying debts is part of a Christian's public witness. God's prosperity for His people extends beyond the material blessings that He faithfully provides.

Those who give God their greatest priority tend not to focus their attention on frivolous pursuits that drain finances, but instead upon things that last eternally. The result is a contentment approach to life that also preserves financial stability.