FP#2: Breaking the chains of debt!

Study Guides


Imagine a Financial Peace:  Breaking the chains of debt!

 Think about life: 

  • When you were growing up how did your parents handle debt and credit? What it encouraged, seen as normal, or avoided at all cost? How has that affected how you think about debt as an adult?
  • Do you remember the first time you bought something you could not afford through using credit/debt?
  • How does having debt outside of a mortgage affect the choices about how you live life?
  • What happens to someone they become “house poor”, meaning they buy the house they want but use too much of their monthly income to pay for the monthly mortgage?
  • What would you feel like if you were completely debt free?

Digging Deeper into Scripture:  

  • Read Proverbs 22:7
    • In what ways is the one who borrows a servant or slave to the one they borrow from? What happens when a person falls behind on repaying a debt?  What would it feel like to be debt-free?  How would that affect how you live life?
    • Why do you think we willingly go into debt?
    • Go deeper: List your debts.
  • Read 1 Timothy 6:6-10
    • (Verse 6) What does Paul say is great wealth?  Why is that true? What would contentment look like for you?
    • What could you do to avoid being tempted and trapped by the desire for more stuff?
    • (Verses 9-10) How dangerous to our souls is the desire for more stuff?  Why?
    • Go deeper: Delay buying the next thing on your list for 3 months, asking God to give you contentment without that new thing.
  • Read Romans 13:8
    • (Note: “Owe nothing to anyone” in the Greek New Testament is in the imperative verb form, meaning it is not a suggestion but rather a command.  God does not want us to be debt.)
    • What does it mean to you that God is commanding us to work towards being debt free? What makes you want to obey this command?  What cause you to want to ignore this command?
    • Of the 5 actions that break the chains of debt, which can you begin working on? 1) Quit borrowing money.  2) Save money.  3) Sell stuff.  4) Get a part-time job.  5) Pray!

Scripture readings:  Lk. 14:28; Mt. 6-19-33; Eccl. 5:10; Heb. 13:5