Interest on Consumer Debt Explained

Are you carrying expensive consumer debt?

If you carry any consumer debt, you may not fully understand the danger of interest rates. Interest is the price you pay for using somebody else’s money. That may sound simple, but the long-term cost can be devastating. Carrying credit card balances, personal loans, or other consumer debt allows interest to quietly work against you every single day. It compounds. It grows and grows, putting you farther and farther behind. The Bible puts it plainly: “The borrower is servant to the lender.” (Proverbs 22:7) That’s not condemnation. It’s a warning given to protect us.

Debt doesn’t just affect our finances; it affects our freedom, our peace, and our ability to respond to God’s calling. You see, interest shrinks our margin. Money that could be used to meet needs, bless others, or invest in the future is instead consumed by payments that never seem to end. The longer debt lingers, the harder it becomes to escape. Now, debt is not a sin, but God never designed interest-bearing consumer debt to become a way of life. His desire is for us to live in freedom, not under constant financial pressure.

So, here’s the good news: understanding interest is the first step toward breaking free of it. Learning how debt works should compel you to make choices that lead to financial freedom. Pay down your balances, avoid new debt, and follow a clear plan to reverse years of financial strain.

I want to personally invite you to join us in Knoxville, Tennessee, this September 10th through 12th, as we celebrate all that God has done through Crown over the last 50 years. Learn more at crown.org/50years.