Changes

'''Debt''' refers to an unpaid promise of [[payment]].

'''Debt''' refers to an unpaid promise of payment.

==Biblical References==

==Biblical References==

==Personal debt==

==Personal debt==

It is virtually impossible to go through life without incurring some personal debt.  Such debt is commonly generated through taking out loans, often for a house or a car. Credit cards are another source of debt. Where a debt cannot be paid in a specified time, interest is often added to the amount originally owed (the principal). Until the [[Great Depression]], home loan practices were more consistent with the laws of Deuteronomy, in that the maximum term of a home loan was limited to 5-10 years.<ref>[http://www.livestrong.com/article/78589-history-year-mortgages/ The History of 30 Year Mortgages]</ref> By the late 1930s however, changes to Federal legislation allowed for 30-year loans. This had the effect of increasing home ownership levels, but also increasing the amount of personal debt to a high degree.

It is virtually impossible to go through life without incurring some personal debt.  Such debt is commonly generated through taking out loans, often for a house or a car. Credit cards are another source of debt. Where a debt cannot be paid in a specified time, interest is often added to the amount originally owed (the principal). Until the [[Great Depression]], home loan practices were more consistent with the laws of Deuteronomy, in that the maximum term of a home loan was limited to 5–10 years.<ref>[http://www.livestrong.com/article/78589-history-year-mortgages/ The History of 30 Year Mortgages]</ref> By the late 1930s however, changes to Federal legislation allowed for 30-year loans. This had the effect of increasing home ownership levels, but also increasing the amount of personal debt to a high degree.

==National debt==

==National debt==

The United States has the largest national debt in the world, 10 times the size of Canada's.<ref>[http://www.visualeconomics.com/gdp-vs-national-debt-by-country/ GDP vs National Debt by Country]</ref> Regardless of this, [[Barack Obama]] borrowed more in the month of February 2011 ($223 billion) than [[George W. Bush]] did during the entire 2007 budgetary year ($163 billion).<ref>[http://www.realclearpolitics.com/articles/2011/04/14/asleep_in_dreamland_usa_109552.html ''RealClearPolitics: Obama's Dreamland'']</ref>

The United States has the largest national debt in the world.<ref>[http://www.visualeconomics.com/gdp-vs-national-debt-by-country/ GDP vs National Debt by Country]</ref> Regardless of this, [[Barack Obama]] borrowed more in the month of February 2011 ($223 billion) than [[George W. Bush]] did during the entire 2007 budgetary year ($163 billion).<ref>[http://www.realclearpolitics.com/articles/2011/04/14/asleep_in_dreamland_usa_109552.html ''RealClearPolitics: Obama's Dreamland'']</ref>

==References==

==References==