The Unintended Consequences of Debt

It steals more than your money.

Greetings Prosperous Souls,

You already know the obvious consequences of debt: stress, bankruptcy, and rocky marriages. But let’s talk about the hidden consequences:

• A lack of generosity

• Stolen joy

• Loss of freedom of choice

Debt kills your ability to give

Four months ago, a young father approached me for financial help. He was losing his apartment and needed some cash to house his family. I wanted to contribute, but could only give $100.

Because of my debt, I was limited on how much I could offer. I knew debt could wreak havoc on my own finances, but I never thought that it’d prevent me from helping others. This realization broke my heart.

Debt steals your joy

When my wife and I were buried in medical bills, we argued daily. There was zero peace. Thankfully, God was bigger than our problems, and we passed through this difficult season.

However, we still had work to do: make calls, apply for financial assistance, and set up payment plans. It was a humbling experience, and it required a lot of trust in God.

Today, almost a year later, we’re nearly halfway out of our debt. We have a plan to save for a home and are on the path to debt-free living. It feels like a miracle!

This just shows how much God can do when you cry out for His mercy.

Debt steals your freedom of choice

Sometimes debt is unavoidable. You take on debt for education, mortgages, or a business loan, and it takes years to pay back.

Life can also deal you an unfair hand, where there’s no alternative but to turn to debt for survival.

Here’s a biblical example where an uncontrollable situation (famine) reduced an entire nation to bondage:

“When that year was over, they came to [Joseph] the following year and said, ‘We cannot hide from our lord the fact that since our money is gone and our livestock belongs to you, there is nothing left for our lord except our bodies and our land. Why should we perish before your eyes—we and our land as well? Buy us and our land in exchange for food, and we with our land will be in bondage to Pharaoh. Give us seed so that we may live and not die, and that the land may not become desolate.’

So Joseph bought all the land in Egypt for Pharaoh. The Egyptians, one and all, sold their fields because the famine was too severe for them. The land became Pharaoh’s, and Joseph reduced the people to servitude, from one end of Egypt to the other.” —Genesis 47:18-20 (NIV)

Isn’t that staggering? The Egyptians begged themselves into bondage because there was no way out.

Point is, sometimes debt is unavoidable. You need it to survive. But regardless of the reasons, debt steals your freedom of choice.

Your assignment for this week

First off, don’t be discouraged. Even if your situation looks dire, God can deliver you. Trust that He will maximize your steps and put wind in your sails so you can navigate the impossible.

To create a plan of escape, I suggest meeting with someone who can help you understand the different payment strategies available for tackling debt. My dad, Stephen, is a great choice for this. When I first met with him almost a year ago, I was so embarrassed, but in just a few months, I’d already began to see breakthrough. A little bit of humility and a lot of help from the Lord can go a long way.

Eliminating debt,
Cory De Silva

PS: If you need help overcoming debt, check out my dad’s lesson, “Debt Avalanche & Snowball,” from his Practical Tools Collection. After you finish the video, schedule a free 15 minute Zoom session with him so you can begin to craft a plan for debt-free living.

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About: Cory De Silva is an American poet, singer/songwriter, screenwriter, actor, and filmmaker. He has released 2 studio albums, acted in 3 feature-length films, co-written 1 feature-length film, and published a small book of poetry. He is a graduate of CSU Long Beach, and lives in Redding with his wife, Colleen, and their son, Bryght.