Comments on: When Do You Become Debt Free?

By: Craig

Craig — Fri, 09 Jul 2010 19:21:22 +0000

Judy,
I certainly agree that biblical truth is not defined by what one feels. That is wrong.
However, when you say this reference is more “spiritual than physical” I don’t think that was the case in the original context. People literally and physically were enslaved:
“ ‘If one of your countrymen becomes poor among you and sells himself to you, do not make him work as a slave. (Leviticus 25:39 NIV)
The wife of a man from the company of the prophets cried out to Elisha, “Your servant my husband is dead, and you know that he revered the Lord. But now his creditor is coming to take my two boys as his slaves.” (2 Kings 4:1 NIV)
I order for us to apply this passage to us today we do stretch it from physical to spiritual. The obvious point of disagreement would surround the question – how parallel is our situation with theirs? I’d say we are living in vastly different times.

By: Judy Perez

Judy Perez — Fri, 09 Jul 2010 16:31:36 +0000

Craig,
When you read Proverbs 22:7, the word of God clearly says ” Just as the rich rule over the poor, so the borrower is servant to the lender”. It doesn’t matter if you don’t feel like a slave because it seems that since you can’t be physically confined this biblical principle doesn’t apply to you or your family. But this reference is more spiritual than physical, just stop paying your bills and see how you feel spiritually afterwards knowing that you did not fulfill your part of the deal.

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By: Len Penzo

Len Penzo — Sat, 03 Jul 2010 01:14:53 +0000

I too feel – and consider myself – debt free even though I still owe $100k (or so) to the lender on my home. But I also have over $300k in equity locked up in the home – even after the big drop in home prices – so the fact that I owe the lender money is really no big deal. I have no other debt.

I wouldn’t beat yourself up over it, Craig. Even if you have zero equity, unlike credit card debt and car loans, for example, debt on your primary residence is not bad debt.

Best,

Len
Len Penzo dot Com

By: Craig

Craig — Fri, 02 Jul 2010 20:28:16 +0000

@Gholmes

By: Gholmes

Gholmes — Fri, 02 Jul 2010 19:30:06 +0000

Me too Debt Free (except the house)! I read Romans 13:8 “:Let no debt remain outstanding, except the continuing debt of love…” My goal is to be 100% debt free.

Now by using the term “free” are we being melodramatic? Maybe we should say “no more” debt. When is debt ever free? And doesn’t the term free seem to indicate our rights are limited? Maybe akin to slavery?

By: Lakita | Personal Finance Journey

Lakita | Personal Finance Journey — Thu, 01 Jul 2010 19:31:08 +0000

You bring up some good points, and until the house is paid off we’re not 100% debt free.

There is still an obligation to pay and the lender (aka master) can foreclose among other things should you think you are “really” debt free and stop making payments!

Yes, we accept them as “good debts” (oxymoron at best) because they aren’t as aggressive as other loans, are (usually) an appreciating asset, lower interest rate, and generally speaking aren’t designed to KEEP you in debt.