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What’s the real problem with debt? Is it simply a spending issue? A priority problem? Or is it really that “I just don’t have enough money”?

We’ve seen families with modest incomes who are drowning in debt—and others in the same income bracket with zero debt. What’s the difference? Some have learned to live within their means, while others haven’t.

Even more surprising—some high-income earners (six figures and beyond) still carry enormous debt loads. Many are thousands (or even tens of thousands) of dollars in debt monthly…just from things like eating out.

Is Debt Really Just About Money?

Debt feels like a money problem because it’s expressed in dollars—balances, interest rates, and payments. But focusing only on the numbers misses the bigger picture.

Debt is often a symptom of deeper issues:

  • A belief that spending equals self-worth.
  • Emotional spending to cope with stress, boredom, or loneliness.
  • Lack of clear financial goals.
  • Procrastination and fear of facing financial reality.

When Debt Is a Money Problem

Some situations are genuinely unavoidable:

  • A missionary family going into debt while trying to do the right thing.
  • The 2008 housing crash—people bought homes in good faith, only to face job losses and crashing home values.
  • Large, unexpected medical bills—many of us have seen this firsthand. Payment plans help, but the debt still exists.

Two Common Debt Scenarios

1. Modest Income + Unsustainable Debt

Many people with modest incomes avoid debt by living simply and intentionally:

  • They give generously.
  • They maintain small reserves.
  • They have little or no debt.

Key Lesson:
You’re not a victim of your circumstances. You always have choices. Think about it like traffic—two people stuck in the same jam. One is stressed, the other is enjoying music.
Same situation, different response.

2. High Income + Unsustainable Debt

Here, debt isn’t about money—it’s about lifestyle:

  • Trying to “keep up with the Joneses.”
  • Overspending to project wealth.
  • One financial setback can spark a crisis.

Truth Bomb:
You can’t spend the money and have it too.

Much of this spending creates the illusion of wealth. You buy the thing—you have the thing…but you no longer have the money (and maybe now you have debt too!). Most of these items depreciate and cost more to maintain—think boats, cars, or luxury goods.

So, What’s the Solution?

The Root of the Problem

We spend on what we value most.
Our spending reveals our true allegiance—whether to the world or to Christ.

Steps Toward Freedom:

  1. Run to Christ.
    Ask: Am I more shaped by culture or by Christ?
  2. Renew Your Mind.
    Romans 12:2 calls for transformation through the renewing of our minds. Apply this to your finances.
  3. Get Practical:
  • Create a budget and live below your means.
  • Stop the spending—stop the bleeding!
  • Get serious about eliminating debt:
    • Debt snowball method.
    • Invest in income-producing assets (mutual funds, retirement accounts, businesses, etc.).
    • If possible, save for the future while paying down debt.
  1. Remember:
    Debt is not primarily a money issue—it’s a heart issue.

Key Scriptures:

  • Matthew 6:21: “For where your treasure is, there your heart will be also.”
  • Luke 12:34: “For where your treasure is, there your heart will be also.”
  • Colossians 3:1-2: “Set your hearts on things above…not on earthly things.”
  • Luke 16:13: “You cannot serve both God and Money.”

Practical Considerations:

Sometimes, debt stems from laziness or passivity:

  • You may need to work harder or smarter to provide for your family.
  • Don’t confuse intentional ministry choices (like undercharging to serve others) with wise long-term financial decisions.
  • Don’t get stuck in “perpetual learning” and avoid action.

Ideas to Take Action:

  • Work overtime or get a part-time job—apply all extra income to debt.
  • Start a side hustle (see Episode #178).
  • Increase your skill set—but do something with it.

 

Closing Challenge: Turning Insight into Action

3 Simple Steps to Start Today:

  1. Pray: If you’re married, pray together over your finances. Ask God to align your hearts with His.
  2. Heart Check: Before any non-essential purchase, ask yourself:
    “Am I spending from fear, pride, or stewardship?”
  3. Take Action:
    Pick one debt (credit card, medical bill, car loan) and aggressively attack it for the next 30 days.
    Celebrate small wins!

Bonus: Find an accountability partner—spouse, friend, or small group member—to encourage you and hold you accountable.

Hebrews 13:5:
“Keep your lives free from the love of money and be content with what you have, because God has said, ‘Never will I leave you; never will I forsake you.’”

 

Next Steps

 

Material presented is property of The Stewardology Podcast, a ministry of Life Financial Group and Life Institute. You may not copy, reproduce, modify, create derivative works, or exploit any content without the expressed written permission of The Stewardology Podcast. For more information, contact us at Contact@StewardologyPodcast.com or (800) 688-5800.

The topics discussed in this podcast are for general information only and are not intended to provide specific investment advice or recommendations.  Investing and investment strategies involve risk including the potential loss of principal. Past performance is not a guarantee of future results.

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