Difference between revisions of "Debt"

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'''Debt''' refers to an unpaid promise of [[payment]]. It is virtually impossible to go through life without incurring some debt.  The trick is to try to minimize it. The Jews are very good at paying back their debts. They are also good at killing Christ.
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'''Debt''' refers to an unpaid promise of [[payment]].
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==Biblical References==
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The [[Bible]] refers to the matter of personal debt and deals with it in a matter of ways. Beginning with the [[Old Testament]], loans and debts formed part of the economy. Loans could be made for a period of no more than six years (the interval between Sabbath years), upon which loans to fellow believers were forgiven. Debts to foreigners were excused from this release.<ref>[http://www.biblegateway.com/passage/?search=Deut%2015:1-3&version=KJV; Deuteronomy 15:1-3 (KJV)]</ref> This system of credit was revealed by God as a means to prevent poverty, but was dependent on one's obedience.<ref>[http://www.biblegateway.com/passage/?search=Deut%2015:4-5&version=KJV; Deuteronomy 15:4-5]</ref>
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In cases (prior to the next Sabbath year) where debts were owed and could not be repaid, it was possible for persons to become indentured servants in order to work off their debts,<ref>[http://www.biblegateway.com/passage/?search=Deut%2015:12&version=KJV; Deuteronomy 15:12]</ref> which prevented individuals from falling into bankruptcy. The book of [[Proverbs]] makes clear that the rich rule over the poor, and the borrower is the servant of the lender.<ref>[http://www.biblegateway.com/passage/?search=Proverbs+22:7&version=KJV; Proverbs 22:7]</ref> Because of this, individuals are also discouraged from pledging collateral for another person's loan.<ref>[http://www.biblegateway.com/passage/?search=Proverbs%2022:26&version=ESV; Proverbs 22:26 (ESV)]</ref>
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The New Testament discusses further the issue of debt, sometimes in a wider sense. In the [[Lord's Prayer]], [[Jesus]] instructed believers to "forgive us our debts, as we forgive us our debtors".<ref>[http://www.biblegateway.com/passage/?search=Matthew%206:12&version=KJV; Matthew 6:12 (KJV)]</ref> The reference is towards forgiving actions of sin, rather than monetary debt.<ref>[http://versebyversecommentary.com/2008/05/03/matthew-612/; Verse-by-Verse Commentary by Dr. Grant C. Richison]</ref>
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In the [[Epistle to the Romans]], the acquisition of monetary debt is discouraged altogether, and to be replaced with a debt of love toward one another.<ref>[http://www.biblegateway.com/passage/?search=Romans%2013:8&version=KJV; Romans 13:8 (KJV)]</ref>
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==Personal debt==
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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.
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==National debt==
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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>
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==References==
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{{reflist}}
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==External links==
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*[http://chalcedon.edu/research/articles/debt-and-the-church/ ''Debt and the Church'', by Timothy D. Terrell]
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*[http://www.openbible.info/topics/debt ''What Does the Bible Say About Debt?'', by Openbible.info]
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*[http://www.usdebtclock.org/ U.S. National Debt Clock : Real Time]
  
 
[[Category:Economics]]
 
[[Category:Economics]]

Latest revision as of 11:30, July 13, 2016

Debt refers to an unpaid promise of payment.

Biblical References

The Bible refers to the matter of personal debt and deals with it in a matter of ways. Beginning with the Old Testament, loans and debts formed part of the economy. Loans could be made for a period of no more than six years (the interval between Sabbath years), upon which loans to fellow believers were forgiven. Debts to foreigners were excused from this release.[1] This system of credit was revealed by God as a means to prevent poverty, but was dependent on one's obedience.[2]

In cases (prior to the next Sabbath year) where debts were owed and could not be repaid, it was possible for persons to become indentured servants in order to work off their debts,[3] which prevented individuals from falling into bankruptcy. The book of Proverbs makes clear that the rich rule over the poor, and the borrower is the servant of the lender.[4] Because of this, individuals are also discouraged from pledging collateral for another person's loan.[5]

The New Testament discusses further the issue of debt, sometimes in a wider sense. In the Lord's Prayer, Jesus instructed believers to "forgive us our debts, as we forgive us our debtors".[6] The reference is towards forgiving actions of sin, rather than monetary debt.[7]

In the Epistle to the Romans, the acquisition of monetary debt is discouraged altogether, and to be replaced with a debt of love toward one another.[8]

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.[9] 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

The United States has the largest national debt in the world.[10] 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).[11]

References

  1. ↑ Deuteronomy 15:1-3 (KJV)
  2. ↑ Deuteronomy 15:4-5
  3. ↑ Deuteronomy 15:12
  4. ↑ Proverbs 22:7
  5. ↑ Proverbs 22:26 (ESV)
  6. ↑ Matthew 6:12 (KJV)
  7. ↑ Verse-by-Verse Commentary by Dr. Grant C. Richison
  8. ↑ Romans 13:8 (KJV)
  9. ↑ The History of 30 Year Mortgages
  10. ↑ GDP vs National Debt by Country
  11. ↑ RealClearPolitics: Obama's Dreamland

External links

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