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God’s Economy #2: Debt

Enter “Debt Relief” or “Debt Consolidation” into Google, and you’ll get thousands upon thousands of hits. Debt is a serious concern for many people in this country, and even around the world. Debt at the national level both in this country and in Europe is causing global financial instability. Poor loan choices made both by borrowers and lenders for homes in large part created the financial crisis of 2007 and beyond. In May 2011, the total American revolving debt, mostly on credit cards was $793.1 Billion. Given the population of the US is 310 Million, that’s $2558.39 for every man, woman and child in this country, owed and paid on a monthly basis. Given that 50.2 million households carry debt on a credit card (16%) the average balance per household there is $15,799. The total consumer debt (everything but mortgages) in this country is $2.43 Trillion, or $7838 for every man, woman and child. Add in mortgages, it’s over $16,000 per household.

The Bible has a lot to say about debt: both for borrowers and lenders. Once again, we are entering into a conversation that may make some people uncomfortable. Nevertheless, if we can find a gracious, Biblical approach to debt, we have a message of hope in financially uncertain times.

Once again, let’s look at our questions:

1. How do my current financial practices reflect Biblical values?
2. How does the message of the Scriptures give hope to those in financial uncertainty or difficulty?
3. Whom can I tell about this financial message of hope who could join us for worship?
4. How can this financial message of hope impact our community through my own words and actions?
5. What challenges does this passage offer to my current financial practices and attitudes?

Proverbs 22:26-27 – Surety for debts (cosigning)

Deuteronomy 24:6 – Don’t take someone’s livelihood as security for a loan

Deuteronomy 15:1-15 – remission of debts every 7 years

Proverbs 22:7 – borrower slave of lender

Debt closely connected with slavery

Throughout the Bible, debt is closely connected with slavery. Those who become debtors could become slaves for up to seven years (although in practice, people were held for longer, evidently). In the days before bankruptcy, people became their own collateral. The Old Testament had structures in place for both borrowers and lenders: lenders were not supposed to take someone’s livelihood as security for a loan, and loans were to be forgiven every seven years. Borrowers were to keep the promises they made to pay – often incurred by an oath. People were commanded to make good on what they promised to pay – even knowing that loan forgiveness could come every seven years. Read the rest of this entry »