What is debt? Is it bad?
Here's the answer:
Debt is when you owe money to someone.
You might have heard your mom or dad talk about debt. It simply means that someone owes money to another person or business. People go into debt for various things, such as college, a house, or a car.
It is often best to avoid debt whenever we can. As kids, it is wise to save your money until you have enough to pay for the item you want. For example, if you really want a certain comic book, you may be able to save your allowance or money you’ve earned until you have enough for that special book. If you have questions about how to save money, you can ask a grown up to share tips about saving money.
As you grow up, you may find that you need to repay a debt—a college payment, medical bill, or something like that. When that happens, it is best to repay the money as soon as possible. You can develop a plan that helps you repay your debt in a timely manner.
By following the Bible and adhering to its practices, we will use our money wisely and avoid debt whenever possible.
Bible Truth
"Pay everything you owe. But you can never pay back all the love you owe one another. Whoever loves other people has done everything the law requires" (Romans 13:8).
"Sinful people borrow and don’t pay back. But those who are godly give freely to others" (Psalm 37:21).
