How to Become Debt Free

Becoming debt free is something every Christian can—and should—accomplish. The Bible tells us in Romans 13:8 to “keep out of debt and owe no man anything, except to love on anther…” (The Amplified Bible). In fact, as believers, we should be the lender, not the borrower (Deuteronomy 28:12).

What’s the big deal over borrowing money when all the world seems to be in debt? The problem is just that—debt is part of the world’s system of finance. It’s a system devised by the devil to keep us in bondage to the world (see Deuteronomy 28:15, 43-44; Proverbs 22:7). Jesus, however, has redeemed us from the curse of the law, and we are free to walk in all the blessing of Abraham (Galatians 3:13-14).

You may be thinking: I understand that the Scriptures tell us to get out of debt. But how realistic is it for me to even think about owning a car or a house, or any of the other nice things I want, if I’m not willing to borrow the money to get them?

That’s a good question, and we want to share with you the following powerful truths that we have discovered—and experienced—in God’s Word.

Decide to get out of debt and live debt free.
Start by giving the Word first place in your life, and by making it your final authority. With that, you must decide to obey Romans 13:8 and believe God to be your source for all your needs and desires. Determine to be single-minded (James 1:8, 22-25), and then meditate on the Word (Psalms 1:1-3; Joshua 1:8).

Put God first in your financial affairs.
Decide that no matter what comes your way, you will obey God’s Word and tithe, as well as be a giver (Malachi 3:8-12; II Corinthians 9:6-15). Tithing lays the foundation for your financial success. (See the confession about giving below.)

Believe God for your daily bread (Matthew 6:11).
This is the money you need for your household to function every day. Your tithes and giving should be included in this, but don’t cheat yourself. Make sure you also include in this “daily bread” amount some “padding” for other things—such as debt payments, etc.—above your tithes, giving and necessities.

And remember, do not write “hot” checks—checks which your bank balance will not cover. This is fraud.

Get in agreement (Matthew 18:19).
Have your spouse agree with you, and if you are not married, find a strong believer who will agree with you.

Lay hold of it by faith.
Follow the principles set out in Mark 11:23-24. Believe in your heart and confess with your mouth that your needs are met, that you are out of debt, that the windows of heaven are opened to you, that the hundredfold return is yours in this lifetime and that you operate financially according to the wisdom of God. (See Proverbs 2:1-10, 3:13-18.)

Bind the devil in the Name of Jesus (Matthew 18:18; Mark 16:17; James 4:7; Ephesians 6:10-18).
In Jesus’ Name, order Satan and all his forces out of your financial affairs. When you are dealing with a financial matter involving the family, it is important that the husband and/or father—who is responsible as the spiritual head of the home—take the lead in this resistance of the devil’s attacks.

Loose the forces of heaven into your financial affairs (Hebrews 1:14; Psalms 103:20).
The angels of God are your ministering spirits and they too will assist you.

Praise God for the manifestation of His power in your financial affairs (Psalms 9:1-4, 67:5-6, 68:19).
Praise keeps the door to abundance wide open. When the channel between you and God is clear, you can receive His promises.
Finally, it is important to realize—and decide—that you are living to give (Ephesians 4:28). Live on the increase from your giving, that is, reach for the place in your financial life where the income from your job or business becomes your seed for giving.
And as you sow, believe for a hundredfold harvest. You will be a blessing to others and be out of debt. God will bless you and “make all grace abound toward you; that ye, always having all sufficiency in all things, may abound to every good work” (II Corinthians 9:8).