Biblical Answer

Breaking the Cycle of Debt

Debt is not necessarily immoral, but it can lead to a cycle of financial bondage. The Bible does not explicitly outlaw debt, but it emphasizes the importance of living responsibly and honoring one's obligations. According to financial adviser Larry Burkett, the scriptural definition of debt is the inability to meet obligations agreed upon. In some cases, debt may be incurred through no fault of one's own, such as through a medical emergency or job loss.

Canceling the Debt

Canceling a debt is not the same as forgiving the person who owes it. In fact, the Bible teaches that we should render all due obedience to civil authorities and honor our debts. However, if a debt is no longer viable or has become unmanageable, it may be necessary to cancel it. This can be done through bankruptcy, but it's essential to note that bankruptcy should not be used as a means of avoiding personal responsibility. The Bible teaches that we should not live in a state of perpetual debt, but rather strive to live responsibly and honor our obligations.

Taking Responsibility

Ultimately, getting out of debt requires taking responsibility for one's financial decisions. This involves addressing past financial mistakes, breaking habits that lead to overspending, and setting standards for financial responsibility. It also means being willing to cancel debts that are no longer viable and seeking help when needed. As the Bible teaches, our one continuing debt should be the debt of love, and we should strive to live as Christians should, even in difficult times. By taking responsibility for our finances and living responsibly, we can break the cycle of debt and live a more fulfilling life.