Biblical Answer

The Biblical Perspective on Debt

The Bible does not outlaw all debt, but rather defines debt as the inability to meet obligations agreed upon (Burkett, 2014). This means that debt can be a legitimate financial obligation, such as a mortgage or a car loan, as long as it is used responsibly and not taken on recklessly. However, the Bible does warn against excessive debt, particularly debt that is used to accumulate wealth or to support a lifestyle of extravagance (Luke 12:15). In fact, Jesus teaches that life does not consist in an abundance of possessions, and that we should be cautious against all kinds of greed.

The Concept of Canceling Debt

The Bible also teaches that some debts cannot be repaid, and that it is necessary to cancel them in order to move forward (Matthew 6:12). This is not about avoiding obligations or escaping responsibility, but rather about releasing ourselves from the burden of debt that is impossible to pay. In the context of relationships, canceling debt can also mean releasing ourselves from the weight of past hurts and resentments, and choosing to forgive others and be forgiven (Matthew 6:14-15). This is not about erasing the past, but about being freed from the emotional and spiritual weight of past mistakes and hurts.

The Call to Live Debt-Free

The Bible calls us to live debt-free, not just in terms of financial debt, but also in terms of emotional and spiritual debt (Romans 6:14). This means living a life of obedience to God, and being free from the burdens of sin and guilt. It means being willing to cancel debt and forgive others, and being freed from the weight of past mistakes and hurts. It means living a life of love and service to others, and being a servant of God (Romans 13:1-7). Ultimately, the call to live debt-free is a call to live a life of freedom, forgiveness, and love, and to be a servant of God in all that we do.