Biblical Answer

Understanding the Concept of Debt

Debt can be understood as the inability to meet obligations agreed upon. Financial adviser Larry Burkett clarifies this definition, stating that debt is not necessarily the act of borrowing money, but rather the inability to fulfill one's financial commitments. In this context, debt is not just limited to financial obligations, but can also include emotional and relational debts.

Canceling Debt: A Biblical Perspective

The Bible does not provide a clear-cut teaching on outlawing all debt, but rather emphasizes the importance of forgiveness and canceling debts. Jesus teaches that we should not seek revenge or payment for wrongs committed against us, but rather choose to forgive and cancel the debt. This is exemplified in the parable of the unforgiving servant, where the master cancels the servant's debt, but the servant fails to do the same for his fellow servant. By canceling debt, we demonstrate our trust in God's sovereignty and our commitment to living a life of forgiveness and love.

Practical Steps to Cancel Debt

To cancel debt, we must first acknowledge and identify the debt, whether it be financial, emotional, or relational. We must then choose to cancel the debt, making a specific declaration of forgiveness. This declaration is not just a verbal affirmation, but a genuine act of the will to let go of the debt and its associated emotions. By canceling debt, we experience relief from guilt and shame, and are able to move forward in our relationships and lives, free from the burden of unresolved debts.