Christianity · frugality

Eight Reasons Why Debt is Bad for You

Why debt is not good for you:

  1. Relationships: Money problems are the number one cause of divorce for married couples.
  2. Stress and Medical Problems: Your health is worth it.
  3. Debt encourages you to spend more than you can actually afford.
  4. It prevents you from reaching your financial goals
  5. It can prevent you from owning a home.
  6. Debt can keep you trapped in a vicious cycle of never-ending monthly payments.
  7. Debt is borrowing your future income.
  8. Being in debt does not teach you patience or self-control.

 

Proverbs 11:15 says, “He who puts up security for another will surely suffer, but whoever refuses to strike hands in pledge is safe.”

 

Psalm 37:21 states, “The wicked borrow and do not repay.”

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