Biblical Answer

The Biblical Perspective on Debt

The Bible does not provide a clear-cut teaching on the elimination of all debt. However, it does offer guidance on the nature of debt and its moral implications. According to financial adviser Larry Burkett, the scriptural definition of debt is the inability to meet obligations agreed upon. This implies that debt is not necessarily immoral, but rather a symptom of a deeper issue, such as financial irresponsibility or a lack of financial planning.

The Option of Bankruptcy

While the Bible does not explicitly outlaw debt, it does caution against taking on debt lightly. In Proverbs 22:7, it is written, "The rich rule over the poor, and the borrower is servant to the lender." This verse highlights the potential consequences of debt, including financial enslavement. In some cases, bankruptcy may be a necessary option for individuals who are overwhelmed by debt. However, it is essential to note that bankruptcy is not always a moral or responsible solution. As Burkett points out, it is often used as a means to avoid obligations and build a fortune that cannot be touched by former creditors.

Seeking Forgiveness and Guidance

In the face of overwhelming medical debt, it is essential to seek guidance and forgiveness from God. The Bible teaches that God is a loving and merciful God who desires to forgive our debts (Matthew 6:12). However, this forgiveness comes with a responsibility to make amends and seek a path towards financial recovery. This may involve creating a reasonable payment plan, negotiating with creditors, or seeking assistance from non-profit organizations. Ultimately, the key to overcoming debt is to develop a responsible financial plan, seek guidance from God, and cultivate a spirit of forgiveness and generosity. As the Bible teaches, "The one who is forgiven little, loves little" (Luke 7:47). By seeking forgiveness and guidance, we can break free from the cycle of debt and live a life that reflects God's love and mercy.