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Wally

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 Lesson 5 January 28-February 3







Dealing With Debt





Commentary in Navy                  Inspiration in Maroon







So likewise ye, when ye shall have done all those things which are commanded you, say, We are unprofitable servants:  we have done that which was our duty to do.  Luke 17:10

Richard Myers

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Re: SDA Sabbath School Lesson 5--1st Quarter 2023--Dealing With Debt
« Reply #1 on: January 28, 2023, 08:37:50 AM »
Sabbath Afternoon

Read for This Week’s Study: Deut. 28:1, 2, 12; Matt. 6:24; 1 John 2:15; Prov. 22:7; Prov. 6:1-5; Deut. 15:1-5.

Memory Text: “The rich ruleth over the poor, and the borrower is servant to the lender.” Proverbs 22:7

One definition of debt is “living today on what you expect to earn in the future.” Today debt seems to be a way of life, but it should not be the norm for Christians. The Bible discourages debt. In the Scriptures there are at least 26 references to debt, and all are negative. It does not say that it is a sin to borrow money, but it does talk about the often-bad consequences of doing so. When considering financial obligations, Paul counseled: “Render therefore to all their dues: tribute to whom tribute [is due]; custom to whom custom; fear to whom fear; honour to whom honour. Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law.” Rom. 13:7, 8.

Why is debt an almost international scourge at every level — personal, corporate, and government? Every society has always had at least a small percentage who were in debt. But today a much larger portion of the people are in debt, and it’s almost never to their benefit.

There are many in the United States political system that want to do away with the debt ceiling. In other words, they do not want anyone setting a limit to creating more and more debt. The debt Americans owe is in the trillions of dollars.  Other nations have followed. Thus, we are nearing the end of all things and we shall see the results of national apostasy and national debt.


This week we will consider the reasons for debt and how to deal with it. You may be debt-free, but you can share this valuable information with family and friends who could benefit from it.

Study this week’s lesson to prepare for Sabbath, February 4.
Jesus receives His reward when we reflect His character, the fruits of the Spirit......We deny Jesus His reward when we do not.

Richard Myers

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Re: SDA Sabbath School Lesson 5--1st Quarter 2023--Dealing With Debt
« Reply #2 on: January 28, 2023, 08:47:07 AM »
Sunday          January 29
The Debt Problems


Read Deuteronomy 28:1, 2, 12. What is God’s ideal for His children regarding debt? How can they attain this ideal? And though this context is very different from ours, what principles can we take away from this context and apply to our own now?

Studies show that there are three primary reasons that people get into financial difficulty. They are listed here in the order of greatest frequency.

The first is ignorance. Many people, even the educated, are financially illiterate. They were simply never exposed to the biblical or even secular principles of money management. There is hope, however! This lesson will provide a simple outline of these principles and how to apply them.

The second reason for financial difficulties is greed, or selfishness. In response to advertising and personal desire, people simply live beyond their means. They aren’t willing to live in, drive, or wear what they can really afford. Many of these same people also feel that they are just too poor to tithe. As a consequence, they live their lives without God’s promised wisdom and blessing (see Mal. 3:10, 11; Matt. 6:33). There’s hope for these people as well, but it requires a change of heart — and a spirit of contentment.

Amen! A change of heart is what we all need, and we need it daily. We are evil by nature and must die to self daily.


The third reason people find themselves in financial difficulty is personal misfortune. They may have experienced a serious illness without adequate health insurance. They may have been abandoned by a spendthrift marriage partner. A natural disaster may have wiped out their possessions. Or they may have been born and raised in abject poverty. There is hope for these people, too. Though their path is more difficult, their troubles can be overcome. Change may come in the support of Christian friends; the counsel and/or assistance of godly counselors; hard work coupled with a good education; and the blessing and providence of God.

And, let us remember the poor widow who gave her two mites. She had love, joy, and peace in her poverty.


Whatever the reason, even if it’s a person’s own fault, debt can be alleviated. However, those in debt will need to make some changes in their lives, their spending, and their financial priorities.

Read 1 Timothy 6:6-9.

 6:6   But godliness with contentment is great gain. 
 6:7   For we brought nothing into [this] world, [and it is] certain we can carry nothing out. 
 6:8   And having food and raiment let us be therewith content. 
 6:9   But they that will be rich fall into temptation and a snare, and [into] many foolish and hurtful lusts, which drown men in destruction and perdition. 


What is Paul saying here that all of us need to heed? What do these words mean to you, and in what ways can you better follow what the Word is teaching us here?

Paul is telling us we need to be a partaker of God's divine nature that we be not prideful and selfish. A motivation to gain more and more reveals a selfish heart and stupidity in thinking that at the end of it all you can take it with you.
Jesus receives His reward when we reflect His character, the fruits of the Spirit......We deny Jesus His reward when we do not.

Richard Myers

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Re: SDA Sabbath School Lesson 5--1st Quarter 2023--Dealing With Debt
« Reply #3 on: January 28, 2023, 08:48:50 AM »
Monday         January 30
Following Godly Counsel


We are material beings, and we live in a material world, a world that, at times, can be very alluring. You’d have to be made out of steel and synthetic oil, not flesh and blood, not to feel, at times, the lure of material possessions and the desire for wealth. At one time or another, who hasn’t fantasized about being rich or winning the lottery?

Though we all face it, and there is nothing wrong in and of itself in working hard to earn a good living or even being wealthy, none of us has to succumb to the trap of making idols out of money, wealth, and material possessions. We are promised divine power to stay faithful to what we know is right. This is important, because the temptation for wealth and material possessions has led to the ruin of many souls.

Read Matthew 6:24 and 1 John 2:15. Though expressed differently, what’s the common theme found in both of them?

Unfortunately, the love of the world can be so strong that people will get into debt in order — as they hope — to satisfy that love. (It never works; see Eccles. 4:8 )

And because debt is one of Satan’s nets that he sets for souls, it just makes sense that God would like to see His children debt-free. He has given us counsel through the Bible and the prophetic gift that will lead us to financial freedom.

Read Psalm 50:14, 15. What attitude should God’s people live with? What does it mean to “pay your vows” (NKJV)?

We enter into our church membership with praise and thanksgiving to our God, who has created and redeemed us. In point 9 (of 13) in our baptismal vows, we were asked, “Do you believe in church organization? Is it your purpose to worship God and to support the church through your tithes and offerings and by your personal effort and influence?” As Seventh-day Adventists, we all said yes. So this text (Ps. 50:14, 15) is a promise to those who offer thanksgiving to God and are faithfully paying their vows.

What do your choices tell you about how well you deal with the lure of the world? Why is working hard to earn a good living not necessarily the same thing as making an idol of wealth or money? How can we learn the difference?

When truly converted, the love of money goes away. It is the desire of the new heart transformed by God to help others. This applies to time and money. We are accountable for our time. Those who stand on vantage ground are even more responsible for their use of time as well as money.
Jesus receives His reward when we reflect His character, the fruits of the Spirit......We deny Jesus His reward when we do not.

Richard Myers

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Re: SDA Sabbath School Lesson 5--1st Quarter 2023--Dealing With Debt
« Reply #4 on: January 31, 2023, 07:58:58 AM »
Tuesday          January 31
How to Get Out of Debt


Read Proverbs 22:7.

The rich ruleth over the poor, and the borrower [is] servant to the lender. 


In what sense are we under bondage to the lender?

In their day, if the borrowed money could not be repaid, they became servants to the lender. Today, like many countries including America, the country is so deep in debt that the children will continue to suffer as we are as we see our money become worthless while the rich become more rich.


What can be done to escape from this unfortunate phenomenon?

Don't live beyond your means. Don't use a credit card. When setting aside money for God, set aside money for yourself, even if it is pennies. Don't buy new cars and furniture until your house is paid off. Don't go out to dinner if you own money. etc.


If you are in debt, the following outline will help you begin a debt-elimination process. The plan is simple. It has a premise and three steps.

The premise is a commitment to God to be faithful in returning His holy tithe to access His wisdom and blessing. He is eager to bless those who obey Him.

Step one is to declare a moratorium on additional debt: no more credit spending. If you don’t borrow money, you can’t get into debt. If you don’t borrow any more money, you can’t get further into debt.

Unless you can't pay your monthly payments on your credit cards. You continue run deeper into debt as penalties and interest continue to accrue and push you deeper into debt. The banks are lending sharks who will steal your soul if you let them.


Step two is to make a covenant with God that from this point on, as He blesses, you will pay off your debts as quickly as possible. When God blesses you financially, use the money to reduce debt — not to purchase more things. This step is probably the most crucial. When most folks receive unexpected money, they simply spend it. Don’t; instead, apply it to your debt-reduction plan.

Step three is the hands-on practical part. Make a list of all your debts, from the largest to the smallest, in descending order. For most families the home mortgage is at the top of the list, and a credit card or personal debt is at the bottom. Begin by making at least the minimum payment due on each of your debts on a monthly basis. Next, double up or increase your payments in any way you can on the debt on the bottom of the list. You’ll be happily surprised how quickly you can eliminate that smallest debt. Then use the money that you were paying on the bottom debt to add to the basic payment on the next debt as you work your way up the list. As you eliminate your smaller high-interest debts, you’ll free up a surprising amount of money to place on the next-higher debts.

God clearly doesn’t want us in debt. Once the covenant is made, many families find that God blesses them in unexpected ways, and the debt is reduced faster than they had anticipated. By following these three simple steps, many families have become debt-free. You can, too! By putting God first, you’ll receive His wisdom and blessing for managing what He has entrusted to you.

“Let your conversation [be] without covetousness; [and be] content with such things as ye have: for he hath said, I will never leave thee, nor forsake thee.” Heb. 13:5. How could applying these words greatly help people avoid getting into debt?

If we love the Lord our God with all of the heart, we shall not spend money on things we do not need. Examples: Much money is spent on cars, boats, planes, dinners, sports. For what?  While multitude are seeking for truth, we are going to spend money on these things? Jesus did not, nor ought we, especially if we are in debt. Pay off your home as fast as you can. Dark days are coming....are already here. But, things will get much worse very fast. Get out of the city and pay off your debt as fast as you can. Start growing a garden that you might live free from the world.

Jesus receives His reward when we reflect His character, the fruits of the Spirit......We deny Jesus His reward when we do not.

Richard Myers

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Re: SDA Sabbath School Lesson 5--1st Quarter 2023--Dealing With Debt
« Reply #5 on: February 03, 2023, 09:09:10 PM »
Wednesday          February 1
Surety and Get-Rich-Quick Schemes


The Bible is very clear that God does not want His children to become responsible for the debt obligations of others. In the book of Proverbs, the Lord has warned us against surety — that is, cosigning or being guarantor for another person.

Read Proverbs 6:1-5, Proverbs 17:18, and Proverbs 22:26. What is the message here?

Surety usually occurs when a person with poor credit seeks a loan from a lending institution and does not qualify for the loan. The loan officer will tell the unqualified person that if he or she will get a friend with good credit to cosign with him or her, then the bank will grant the loan and hold the cosigner responsible in the event of a default.

Sometimes a fellow church member will come to you and ask you to cosign. Your response should be: “The Bible says I should never do that.” Please understand that the Bible encourages us to be helpful to those in need, but we should not become responsible for their debts.

Parents are sometimes asked by teenagers to cosign for the purchase of their first car. Or older adult children will ask parents to cosign for a business loan. The same answer applies. It is appropriate to help others if there is a real need, but do not become surety for the debts of others. Studies show that 75 percent of those who cosigned end up making the payments!

Read Proverbs 28:20 and 1 Timothy 6:9, 10. What’s the warning here?

Get-rich-quick schemes are another financial trap; they are almost guaranteed to lead to financial ruin for those who get caught up in them. When it sounds too good to be true, it surely is. Many people are hurt emotionally and financially. An additional tragedy with these devious plans is that, in many cases, individuals have had to borrow money to become involved in them in the first place. Many lives and families have been ruined by get-rich-quick schemes that end up enriching only the con artists who devise them, at the expense of those who fall into their trap. When a friend, or even a loved one, tries to pull you into one of these schemes, run. Not walk. Run — as fast as you can.

Buying low and selling high enriches many. How does God look at it? Like competitive sports, why would we want to beat others? We are here to help others.
Jesus receives His reward when we reflect His character, the fruits of the Spirit......We deny Jesus His reward when we do not.

Richard Myers

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  • Posts: 44591
  • Grace, more than a word, it is transforming power
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Re: SDA Sabbath School Lesson 5--1st Quarter 2023--Dealing With Debt
« Reply #6 on: February 03, 2023, 09:18:54 PM »
Thursday         February 2
Term Limits and Borrowing Points


Read Deuteronomy 15:1-5. What did the Lord require of His people as revealed in these verses?

In harmony with other seven-year statutes (Exod. 21:2; Lev. 25:3, 4), not only the slaves or servants and the land were regulated, but also the lenders. Because the lenders did not want to forgive any debts, the longest anyone could be in debt was seven years. Whatever else we can take from these verses, they do show that the Lord cares about these kinds of financial issues, especially whenever it concerned fellow Israelites. These verses do show also that the Lord acknowledged the reality of debt, no matter how bad it generally was. He also emphasized that it was to be avoided as much as possible.

Today, by contrast, many parts of the world have loans for 30 and 40 years for home purchases. It seems that one reason houses cost so much is that credit is available to provide loans to purchase them.

Not only credit being available, but at rates much lower than inflation. 3% loans? What does that do for those wanting to save money?


Meanwhile, many people, parents, and students wonder about borrowing money for an education. As a rule, getting a college degree will enhance a person’s income capability for the rest of his or her life. Some people might have to borrow some money to pay for their education, but keep in mind these factors. You have to pay it back with interest. Try to get all of the grants and scholarships that you can qualify for. Work and save all you can for school. Take only courses that will lead to a job. Have parents help. In Bible times, parents gave their children farmland so that they could make a living. Today that “inheritance” should likely be an education so that they can become independent adults.

The loans for education are worse than loans for homes. They have caused the price of education to soar just like the price of houses.


In an ideal world, there would be no borrowing and no debt. But because we don’t live in an ideal world, there might be times when it is necessary to borrow. Just make sure that you have the best deal possible, and the best interest rate available. Then borrow the very minimum that you need, and pay it off as quickly as possible to save on interest costs. In principle, however, to whatever degree humanly possible, we should seek to avoid debt, and by following biblical financial principles in our everyday lives, we can go a long way toward avoiding unnecessary debt and the terrible strain it can put on us and our families.

There were loans made to build our schools and sanitariums.


If you have lent people money, how honest and fair and kind are you in your dealings with them? How would you fare before God when you have to answer for those dealings? (See Eccles. 12:14)

I bought a house many years ago and the one who sold me the house, carried a load for me. What would be a fair rater of interest? She was a Christian lady and did not charge any interest on the loan. How did I view the lady? It impressed me that she was willing to follow Biblical principle. I was not converted at that time. Are we willing to do the same?
Jesus receives His reward when we reflect His character, the fruits of the Spirit......We deny Jesus His reward when we do not.

Richard Myers

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  • Posts: 44591
  • Grace, more than a word, it is transforming power
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Re: SDA Sabbath School Lesson 5--1st Quarter 2023--Dealing With Debt
« Reply #7 on: February 03, 2023, 09:20:11 PM »
Friday         February 3

Further Thought: The three-step process of debt elimination is actually found on one page of Ellen G. White’s writings. Emphasis has been added to highlight the points.

“Be determined never to incur another debt. Deny yourself a thousand things rather than run in debt. This has been the curse of your life, getting into debt. Avoid it as you would the smallpox.

Make a solemn covenant with God that by His blessing you will pay your debts and then owe no man anything if you live on porridge and bread. … Do not falter, be discouraged, or turn back. Deny your taste, deny the indulgence of appetite, save your pence and pay your debts.

Work them off as fast as possible. When you can stand forth a free man again, owing no man anything, you will have achieved a great victory.” — Counsels on Stewardship, p. 257.


If you need additional help to become debt-free, try these points:

Establish a budget. Make a simple budget by keeping a record of all your income and expenses/purchases over a period of three months. Many are surprised to learn how much money they spend on unnecessary items.

Destroy credit cards. Credit cards are one of the major causes of family indebtedness. They are so easy to use and so hard to pay off. If you find that you aren’t paying off the cards in total each month, or that you are using them to purchase items that you would not otherwise have bought, you should destroy your credit cards before they destroy you or your marriage or both.

Begin economic measures. Sometimes we aren’t aware of how much we could save on our monthly expenses just by being careful about some of the small things that we purchase. They quickly add up.

Young ones are tempted to get credit cards. It is not a good thing to do. The temptations to spend more than you have is very great especially for young adults.


Discussion Questions:

    The amount of debt that many nations, as well as individuals, have taken upon themselves is staggering. What has been your own experience with debt and the problems that debt has created for you or others?

Why do nations take on more than they can pay?  How about trillions of dollars more than American can pay? Why spend more than you have?


    What could your local church do to help members learn to manage debt or financial issues in general?

Help them be converted and share the inspired truth given to us as a people. Set an example of not buying things we do not need. Even if we can afford to spend for more than we need, we ought not. Just because we have paid a tithe and offerings, does not mean we ought to waste the money God had allowed us to have.


    What are some Bible promises that you can claim to help protect yourself from the lure of the world and the financial dangers greediness can pose to us?

The promises that God will give us a hatred for Satan and sin. Gen 3:15. This enmity towards Satan and sin we do not have until conversion. Prior to conversion we are at enmity with God. When reconciled to Him, then we will not yield to the temptation to spend on things we do not need.

Jesus receives His reward when we reflect His character, the fruits of the Spirit......We deny Jesus His reward when we do not.