DEBT WHAT IS IT GOOD FOR?

Wake up Castle Rock

DEBT WHAT IS IT GOOD FOR?

Debt can be useful and dangerous trust me I know. We find ourselves robbing Peter to pay Paul and sometimes we can get so overwhelm we don’t pay at all. There are some not getting medication just to take care of their family or do their best to keep a roof over their head and clothes on their back. Some is even to embarrassed to ask for any help including myself. Let’s look at what God’s word say’s about debt. Our debt for sin was paid in full by the blood of Jesus on the cross: lets speak of financial debt I admit I’m not very wise or frugal when it comes to managing money however I’m very thankful that my wife is.

DEBT — borrowed money or property that a person is bound by law to pay back to another. In all periods of history, people have always had to borrow money. In Bible times many were willing to lend the desired money, but at a price. Excessive interest rates of 50 percent or higher per year were often charged.

When a financial need arose, the needy could borrow from relatives or professional lenders, but they had to pay interest for the privilege of the loan. In spite of this custom, Moses admonished the Israelites to give help to their own people without charging any interest (Ex. 22:25; Lev. 25:35–38; Deut. 23:19–20). However, they were allowed to charge interest to foreigners (Deut. 15:3, 6; 23:20). Apparently Moses’ regulations either were not followed or fell into disuse (Neh. 5:6–13). The prophet Ezekiel condemned the Jews for charging interest, or usury, to their fellow citizens (Ezek. 18:1–18; 22:12).

When a loan was made, something was usually put up for collateral (pledge or security) to guarantee that debtors would pay their debt (Gen. 38:17–20; Deut. 24:10). But the creditor did not have the right forcefully to enter the debtor’s house and claim the collateral. He was required to wait outside until the debtor brought out the pledge and presented it to him before witnesses (Deut. 24:10–11). Essential objects that were necessary to sustain life, such as the MILLSTONE, could not be taken as a pledge (Deut. 24:6).

Paul's charge to us in Romans 13:8 to owe nothing but love is a powerful reminder of God's distaste for all forms of debt that are not being paid in a timely manner (see also Psalm 37:21). At the same time, the Bible does not explicitly command against all forms of debt. The Bible warns against debt, and extols the virtue of not going into debt, but does not forbid debt. The Bible has harsh words of condemnation for lenders who abuse those who are bound to them in debt, but it does not condemn the debtor.

Again Some people question the charging of any interest on loans, but several times in the Bible we see that a fair interest rate is expected to be received on borrowed money (Proverbs 28:8; Matthew 25:27). In ancient Israel the Law did prohibit charging interest on one category of loans—those made to the poor (Leviticus 25:35-38). This law had many social, financial, and spiritual implications, but two are especially worth mentioning. First, the law genuinely helped the poor by not making their situation worse. It was bad enough to have fallen into poverty, and it could be humiliating to have to seek assistance. But if, in addition to repaying the loan, a poor person had to make crushing interest payments, the obligation would be more hurtful than helpful.

Second, the law taught an important spiritual lesson. For a lender to forego interest on a loan to a poor person would be an act of mercy. He would be losing the use of that money while it was loaned out. Yet that would be a tangible way of expressing gratitude to God for His mercy in not charging His people “interest” for the grace He has extended to them. Just as God had mercifully brought the Israelites out of Egypt when they were nothing but penniless slaves and had given them a land of their own (Leviticus 25:38), so He expected them to express similar kindness to their own poor citizens.

Christians are in a parallel situation. The life, death, and resurrection of Jesus has paid our sin debt to God. Now, as we have opportunity, we can help others in need, particularly fellow believers, with loans that do not escalate their troubles. Jesus even gave a parable along these lines about two creditors and their attitude toward forgiveness (Matthew 18:23-35).

The Bible neither expressly forbids nor condones the borrowing of money. The wisdom of the Bible teaches us that it is usually not a good idea to go into debt. Debt essentially makes us a slave to the one who provides the loan. This I’m guilty of however at the same time, in some situations going into debt is a “necessary evil.” As long as money is being handled wisely and the debt payments are manageable, a Christian can take on the burden of financial debt if it is absolutely necessary.

Recommended Resource: Debt-Proof Living: How to Get Out of Debt & Stay That Way by Mary Hunt. Dave Ramsey’s Your Solution to Ending Debt?. Christian debt relief recommended by k-love radio. Logos Bible Software