Let no debt remain outstanding, except the continuing debt to love one another, for whoever loves others has fulfilled the law.

Romans 13:8

Dear God, debt is one of those interesting things that can be hard to evaluate. I think there’s a range of opinions on the types of debt and if some is more acceptable than others.

For me, I put debt on a spectrum. If all debt is “bad,” then I would say, on a scale of 1-10, with 1 being least bad and 10 being most bad, something like a mortgage would be a 1, a car payment would be a 3, credit card debt would be a 6, and debt to loan sharks would be a 10. Frankly, in my mind, the “badness” of debt is often directly proportional with the interest rate you’re able to get for it.

I remember going to a church that was in the middle of a building campaign. They were trying to do it with no debt, but they hit a milestone where the builder needed their next draw by a certain day in the middle of the construction. They appealed to the congregation to prayerfully consider giving an extraordinary amount to meet this need. I was telling my dad the story and that the church was trying to do this debt free and he said, “They are already in debt. They owe the builder more than they have so they are in debt to the builder.” So I guess it’s possible to lie to ourselves when it comes to our debt.

For my wife and me, we have one mortgage for our house and we have one car payment. Both payments are low and a manageable and combined total about 15% of our monthly gross income. This level of debt allows us some freedom in not owing a bunch of people every month and having room to take on a debt of an emergency were to arise.

Father, I don’t want to miss the other point of this passage, which is to love one another. That is the debt that will always be owed. Love others through me. Help me to always avoid the thought that I have done enough. When I wake up in the morning, let that be the debt that is on my mind, and when I go to sleep, let it be the debt I take with me into my nightly rest. Give my wife and me wisdom and discernment as we manage our personal finances and thank you for the financial blessings that have allowed us to keep our debt so low. We certainly did not do it on our own. Others have been good to us, and you have been very good to us.

In Jesus’ name I pray,

Amen