Today on MoneyLife with Chuck Bentley

Tomorrow is July 4th and as the country celebrates its independence, we at Crown will remember our late Co-Founder, Larry Burkett, who went home to the Lord on July 4, 2003. We miss him.

Larry stood for financial freedom and taught the borrower is servant to the lender. He wanted people to be financially free so they could fully serve God.

Larry’s teachings still influence millions of people around the world. I met met Larry in 2000 after I had joined Crown’s staff. I found Larry to be very humble despite how well known he was. He was a godly man and a dear friend.

Will remember Larry today by listening to some teaching he did on debt and credit in 1990.

We're going to hear a portion of a message Larry gave on Biblical principles related to debt and credit. Larry was sometimes misunderstood about those subjects.

Larry didn’t teach that debt was sin, because the Bible doesn’t teach that, but he did teach the guidelines the Bible has about debt.

Debt means you owe money to someone, you must service that debt. In Biblical times, someone who owed money was put into debtor’s prison and sold out of prison. Debt puts you in bondage to someone. If you have to rob God of your tithe or rob your family of things they need to stay current on your debts, you’re a slave to debt.

Borrowing is another principle. There is nothing in God’s Word that says it is wrong to borrow, but there are Scriptural guidelines about borrowing. The Bible says we should not sign surety on a loan, that is, not have collateral the lender can take to satisfy the debt if you’re unable to pay. An auto loan is an example of a collateralized loan.

We’re required a believers to pay back what we owe. When you borrow money, be committed to paying it back even if you go through bankruptcy.

Avoid long-term indebtedness, debt didn’t extend beyond seven years for God’s people in Scripture. At the end of 7 years, all indebtedness was forgiven between Jews. God doesn’t want us in debt for a long time.

We hope you and your family have a blessed 4th of July weekend. Please remember that you can become part of Crown's effort to teach biblical stewardship by making a gift online or by calling 800-722-1976. Thank you!

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