HOW TO COME OUT OF DEBT

HOW TO COME OUT OF DEBT

By Rev. Samuel Arimoro

Main Text: Proverbs 22:7
"The rich ruleth over the poor, and the borrower is servant to the lender."

Supporting Texts: Romans 13:8, Deuteronomy 28:12, 2 Kings 4:1-7, Philippians 4:19, Malachi 3:10

INTRODUCTION:
Debt is a financial and spiritual burden that can lead to stress, anxiety, and limitations in life. God desires His people to experience financial freedom and not live in perpetual bondage to creditors. While debt may sometimes be unavoidable, God provides wisdom and principles to help us come out of it and live in abundance. This study explores practical steps and biblical insights on overcoming debt and achieving financial stability.

1. UNDERSTANDING THE DANGERS OF DEBT
Debt is not just a financial issue but also a spiritual one that affects various areas of life.

a) Debt creates financial bondage (Proverbs 22:7)
A borrower becomes a servant to the lender, limiting financial independence.

b) It brings stress and anxiety (Psalm 37:21)
The wicked borrow and do not repay, leading to guilt and pressure.

c) Debt can hinder spiritual growth (Matthew 6:24)
When financial worries dominate our thoughts, they can affect our faith and devotion to God.

d) It affects relationships (2 Kings 4:1)
The widow of a prophet faced distress because of her late husband's unpaid debt.

e) Biblical Example: The Israelites in Egypt (Exodus 1:11-14)
Debt can lead to a form of servitude, just as the Israelites were enslaved due to their dependence on Egypt.

2. PRACTICAL STEPS TO GET OUT OF DEBT
Overcoming debt requires discipline, planning, and reliance on God’s wisdom.

a) Acknowledge the reality of debt (Proverbs 27:23)
Understand your financial situation and make a plan to address it.

b) Cut unnecessary expenses (Luke 15:13-14)
The prodigal son wasted resources and ended in lack. Avoid spending on non-essential items.

c) Create a budget and live within your means (Proverbs 21:5)
The plans of the diligent lead to plenty, but haste leads to poverty.

d) Seek additional sources of income (Ecclesiastes 11:6)
Diversify your income streams; do not rely on just one source.

e) Biblical Example: The widow and Elisha (2 Kings 4:1-7)
Elisha instructed the widow to use what she had to generate income and pay off her debt.

3. SPIRITUAL PRINCIPLES FOR FINANCIAL FREEDOM
God’s word provides financial principles that lead to breakthrough.

a) Be a faithful tither and giver (Malachi 3:10)
Honouring God with your resources brings divine provision.

b) Seek divine wisdom in financial matters (James 1:5)
God grants wisdom for financial decision-making.

c) Develop a lifestyle of contentment (1 Timothy 6:6-8)
Godliness with contentment is great gain.

d) Pray for supernatural provision (Philippians 4:19)
God shall supply all your needs according to His riches in glory.

e) Biblical Example: Joseph’s Financial Planning (Genesis 41:34-36)
Joseph stored up resources in times of plenty to sustain Egypt during famine.

4. AVOIDING FUTURE INDEBTEDNESS
Freedom from debt must be maintained through wise financial practices.

a) Develop a savings culture (Proverbs 6:6-8)
The ant stores up food for the future; we must also save for emergencies.

b) Avoid borrowing beyond your means (Romans 13:8)
Owe no man anything except love.

c) Invest wisely (Ecclesiastes 11:2)
Diversify investments to create multiple streams of income.

d) Seek godly counsel before making financial decisions (Proverbs 11:14)
In the multitude of counsellors, there is safety.

e) Biblical Example: The Parable of the Talents (Matthew 25:14-30)
Wise financial management leads to multiplication of resources.

CONCLUSION:
Debt is a burden that can be overcome with discipline, financial wisdom, and trust in God. By applying biblical principles and practical steps, we can break free from financial bondage and enjoy the blessings of financial stability and prosperity. God desires His people to be lenders, not borrowers, and to live in the abundance He has provided.

PRAYER POINTS:
1. Lord, give me wisdom to manage my finances well.

2. Father, deliver me from every financial bondage.

3. Lord, open doors of divine provision and increase for me.

4. Father, help me to be a faithful tither and giver.

5. Lord, grant me ideas and opportunities to create wealth.

6. Father, give me the grace to overcome financial temptations.

7. Lord, remove every spirit of wastefulness from my life.

8. Father, I declare financial freedom over my household.

9. Lord, help me to be content and disciplined in my finances.

10. Father, I receive supernatural breakthroughs in my finances.

PROPHETIC DECLARATIONS:
1. You will not be a slave to debt; financial freedom is your portion!

2. Every financial burden upon your life is lifted in Jesus’ name!

3. Your resources will multiply, and lack will be far from you!

4. You will have more than enough to be a blessing to others!

5. God will open new streams of income for you!

6. Divine wisdom for financial breakthrough is released upon you!

7. You will not borrow to survive; you shall be a lender to nations!

8. Your storehouse will overflow with divine provision!

9. Every financial struggle ends today in Jesus’ name!

10. You will enjoy abundance and prosperity in all areas of your life!

May the Lord grant you financial wisdom and supernatural breakthrough as you walk in His principles!