According to analysts, the United States may be incapable of fulfilling its debt obligations as early as mid-February. All options, including selling of long term assets and the use of presidential power, are being considered. Could the debt crisis have been avoided by utilizing Biblical principles? Is debt a sin?
Said one Christian:
"It is not wrong to borrow! It is wrong to borrow with no intention of repaying. And we should give believing that it won’t be repaid. That is why it is important to only loan out what you can afford to give away. The problem we (the U.S.) have in this country is that we have no plan for getting out of debt.”
So much of what the Bible says about debt is pointed towards the lender. The expectation is that you will not take advantage of someone who is down on his or her luck. The economic collapse of 2008, said one Christian is a perfect example of how we ought "not" to treat people.
"So many men and women lost houses, cars, and jobs as a result of the decline. Because of this, credit scores sharply declined and men and women were charged higher interest rates for future purchases. This was not right.”
“However, no debt should be left outstanding. Debt should not be a lifestyle; but a last resort. So many parents have gotten their children or themselves through college with a student loan, and that is not a bad thing. Debt is not a way out; it is a deeper hole, if not properly managed.”
The Bible says that the wicked borrow (and don't repay) while the righteous give generously. The question: are the wicked wrong for borrowing or for borrowing and not repaying? And why does the Psalms talking about the rigorous giving and loaning?
“Debt cannot be a bad thing,” said one Christian, “because we are all eternally indebted to God. Debt saved me!”
Is debt a sin? Email me: firstname.lastname@example.org
Source: AP News