Is Debt the New God?

In this episode of Wake Up, Look Up, Pastor Zach explores America’s growing “buy now, pay later” culture and the dangers of mounting debt. He shows how Scripture describes debt as slavery, contrasting it with the freedom Christ offers, and explains why materialism becomes idolatry when it replaces God as our source of security and joy. The episode challenges us to pursue financial freedom and lasting hope in Jesus rather than in stuff that can never satisfy.

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Creators and Guests

Host

Zach Weihrauch

Follower of Jesus who has graciously given me a wife to love, children to shepherd, and a church to pastor.

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Check out new episodes of our daily podcast, Wake Up, Look Up, with Zach Weihrauch as he interprets what's happening in our world through the lens of the gospel.

Hello everyone. Thanks for listening to Wake Up, Look Up, a podcast where we connect events happening in real time to the Gospel of Jesus Christ. I'm Zach Weihrauch and in today's episode we're asking the question, is debt the new God? Now this is prompted by an article I read in the Wall Street Journal recently about America's burgeoning buy now, pay later economy. The whole idea that you are now able, uh, really across platforms to purchase something and worry about paying for it later. Debt is surging across the American economy. Credit card and auto loan delinquencies, people behind on their payments have hit historic levels, levels that have really not been seen since the 2008, 2009 economic crisis. Uh, buy now, pay later usage is a huge part of that. About 50% of American consumers, 1 in 2, it's crazy stat have used BN pl, buy now pay letter, uh, uh, to purchase a product. Vulnerable populations, by the way, are most at risk. Always of course, as lower income families are now able to purchase things that before they might not have been able to or might not have seen within reach with the hope that eventually they'll figure out a way to pay later. And that means of course, that people are playing a shell game, moving money from one debt to the next. Which is why 69% of FHA mortgage borrowers have risky debt levels with 1.2 million Americans having tried to reduce or waive their payments. In other words, we're borrowing and borrowing and borrowing and that bill is coming due and increasingly few of us are going to be able to pay it. And this is a problem on an individual level. It's also problem on an economic level because people who are over leveraged are not able to buy, they're not able to invest, they're not able to plan for the future or deal with crises when they come up. Now, how should we think about this as Christians? Well, let me just start with this. The Bible does not take a positive view of debt. Uh, the Proverbs 22:7 says it this way. And this, this verse stings a little. It says the borrower is slave to the lender. That's because the Bible says that when you take out a debt, you're obligated to pay it. Which means when your paycheck comes in, it doesn't really belong to you, it belongs to the people you owe money to. You are owned by them. You're at best an indentured servant working off to pay off your loan so that you're never actually able to gain financial freedom. And most of us probably feel that the anxiety and stress that comes from not being free. And of course, Galatians 5:1 tells us it's for freedom that Christ has set us free. So if the gospel is about freedom and debt is about slavery, moving into debt is really a move in the wrong direction. Uh, the other thing that's behind this is that materialism is idolatry. You, you, we wanna buy things we can't afford because for whatever reason, we believe buying things is gonna make us happy. Even though of course, most of us have a long history of knowing that doesn't work. It's why Jesus told us in Matthew 6:24, you cannot serve both God and money. Ultimately, you're looking to something to fulfill you, to give you guidance, to make you happy. And if that thing is God, that will mean saying no to your materialistic impulses. And if that thing is stuff or money, then it isn't going to be God. And of course, the problem with that, according to Jesus again in Matthew 6, is that stuff ultimately can't answer the deeper problems of life. That's why he told us to not store up for ourselves treasures on earth where thieves and rust and moth can destroy. It isn't just that he's telling us stop being materialistic, materialism is bad. It's that he's saying in the end, it won't actually do for us what we need done. It won't restore our relationship with God. It won't secure for us in eternal future. It won't even bring lasting happiness in this life. Our, uh, growing debt is a reflection both of our materialism and that the materialism isn't working, which is why we keep buying more and borrowing more to do it. And the problem, of course, is that consequences eventually do come. Numbers 32 says, Be sure your sin will find you out. That's a really, uh, theological way of saying the bill always comes due. Galatians 6. Whatever you sow, you're going to reap. And so you might be able to borrow, borrow, borrow, and kick the can down the street, but the bill will come due. And so God doesn't want that for us. He warns us against it. Listen, there's a reason the Bible uses dead and debt cancellation language to define and describe the gospel. Colossians 2 says that Jesus canceled the charge of our legal indebtedness. The idea here is that debt is so bad, uh, the Bible uses it as a metaphor for sin and hell and judgment and getting out of debt is so good the Bible uses it as a metaphor for what Jesus Christ himself has done for us. Listen, if you're in debt now, seek help. Live on what you make. Be content with what you have. Financial freedom is God's plan for you. And just because you can buy now and pay later doesn't mean you should. Hey, thanks for watching this episode of Wake Up, Look Up. If you enjoyed it, please help us get the word out by sharing it with someone you think might benefit from it. And while you're here, make sure to subscribe to our YouTube channel to get further content or even download the CCC app, where you'll find even more resources to help you grow in your faith and relationship with Jesus Christ.

Have an article you’d like Zach to discuss? Email us at [e-mail]!