Pay Off Debts Or Save?

Q

I am wondering what God would have me do regarding finances. Assuming that I am tithing, I don’t know which He would have me do as a priority — pay off debts or put away money in savings? I am thinking that I should be paying off debt as I should not be storing up treasures here on earth. But paying my debts? That’s an obligation I have to do the right thing. Do you agree?

A

Paying off debts should be priority, because debt is a form of bondage. Proverbs 22:7 says the borrower is a servant to the lender. Also, carrying debt costs you more money than savings would earn, so in the long run you’ll come out ahead by paying off your debt as quickly as possible.