What does the Bible say about going into debt?

It may be easily observed that "the rich rules over the poor" (v. 7), though if a poor man puts his confidence in the Lord, he does not need to be subservient to the rich. The Lord will sustain him. But if we borrow from others, we shall find ourselves subservient to the lender. How much better to "Owe no one anything except to love one another" (Rom. 13:8). Sometimes it is easy to borrow, but hard to repay. it is wise to be on the safe side by not borrowing at all.

"Owe no man anything, but to love one another, for he that loveth another hath fulfilled the law." The first sentence does not mean that it is wrong to borrow money. The question is about paying. If a debt is due it should be paid exactly on time. Borrowing money in a reckless way, without any prospect of returning the amount, is sinful, and often great dishonor has been brought upon the name of our Lord on account of it. But there is another debt which always remains. The Christian owes the debt of love to all. And this love is the fulfilling of the law. Love does not work ill to his neighbor. The natural man may claim that he keeps the sum of the other commandments, "Thou shalt love thy neighbor as thyself," but he cannot do it. Only one who is born again, in whose heart there is love, has the power to do this.

Verses 8, 9, 10 give us, not simply authorities, but what is due to all men. “Owe no man anything, but to love one another.” This is a debt that can never be fully paid up. Paul's knowledge of the gospel and his love for men made him “debtor both to the Greeks, and to the barbarians, both to the wise, and to the unwise,” and this is the case, in whatever measure, of all saints. But it is very clear that debts in temporal things are to be avoided. “The borrower is servant to the lender” is a truth to be well considered.

The first grand business of a person in debt is to get out of it. We must be just before we are generous. Back

Out of compassion for the poor God required creditors to release debtors from their debts at the end of seven years. This surely reminds us of the grace of God in forgiving our great debt of sin by means of the sacrifice of His beloved Son. This was evidently a general year of release, not a release of any particular debt after seven years (v.9). some people might take advantage of this to borrow money just before the time of release, but notice verse 9. Certainly one should not borrow money unless he is in need, and then he ought to be concerned to pay off his debts as soon as he can. The release however did not apply to foreigners who borrowed from Israelites (v.3).

The Lord would greatly bless Israel in the land to the point that there would be no poor among them. If this were the case, and in spite of this debts were incurred, verses 3 and 4 indicate that the release would not apply because the debt was not on account of poverty.

First, the debtor, to whom the seventh — the Sabbatic — year brought "release" as to his debt. The comparison with Ex. 23:11, where the same word as used for "release" here is applied to the land, — the letting it rest, — assures us plainly that this was not an absolute remission of all debt, but a temporary one during the time of the land-rest, which might hinder payment. This, which did not of course affect the foreigner, shows the reason of his exemption. God would have no poor among His people, although such there would always be, left to test and draw out the mercy of their brethren, who were to make them practically to cease by their care for them. (Comp. v. 4 with v. 11.) Nor need they fear to suffer by this liberty; for so they would be blessed in all they put their hand to. How tender a witness this sabbatic year to the bounty of His hand who supported all!

Again, the seventh or sabbath year was Jehovah's release for the insolvent Hebrew (Deut. 15:1-15). It is beautiful and affecting, how the lawgiver was inspired to appeal to the hearts of those who had, on behalf of the poor brother that had not. But the divine mind was clear and express in this beneficent obliteration of debts in the year when His own bounty was so conspicuous to His people, spite of sad and frequent faults.

"At the end of every seven years thou shalt make a release. And this is the manner of the release. Every creditor that lends ought to his neighbour shall release it; he shall not exact it of his neighbour, or of his brother; because it is called the Lord's release. Of a foreigner thou mayest exact it again; but that which is thine with thy brother thine hand shall release. Save when there shall be no poor among you; for the Lord shall greatly bless thee in the land which the Lord thy God gives thee for an inheritance to possess it; only if thou carefully hearken to the voice of the Lord thy God, to observe to do all these commandments which I command thee this day. For the Lord thy God blesses thee, as he promised thee; and thou shalt lend to many nations, but thou shalt not borrow; and thou shalt reign over many nations, but they shall not reign over you." (Vers. 1-6.)

God would allow Israel to lend to many nations, but told them not to borrow from the nations. Israel is certainly not blessed in this way now, for she is anxious to borrow huge sums from the United States, whose national debt is already so great that it appears impossible for her to ever pay it off. Though Israel was to rule over many nations, and will yet do so in the millennium (v.6), yet because of her disobedience to God, the situation has been the reverse; many nations have ruled over her, and she has suffered tragic debasement over centuries past.

The poor and those who have no possession were to be remembered in kindness and have a share in the blessings. Linked with this law are the laws not to force and oppress the poor, the year of release and the liberation of the slaves. The great Sabbatic year, the seventh, brought the release. See Exodus 23:10 and Leviticus 25:2-7. Here we have an enlarged exposition of the previously given law. The debtor not to be pressed then for what he owed and nothing was to be exacted from him. While the land rested all debts and obligations had also to rest. It does therefore not mean a complete remission of all debts forever. And linked with this merciful institution is the promise of blessing. Obedience to these gracious laws would bring to them great blessing. Especially interesting is verse 6. "For the LORD thy God blesseth thee, as He promised thee; and thou shalt lend unto many nations, but thou shalt not borrow; and thou shalt reign over many nations, but they shall not reign over thee." Even today in their blindness and dispersion this promise is being fulfilled. Who does not know that the Jews are the money lenders of the nations? Kings and princes have borrowed from this wonderful people. Some day when the time of our fulness and blessing comes, this promise will be fully accomplished and Israel will reign over the nations, be the head and no longer the tail.

The poor were also to be treated in great kindness. What grace and love breathes in verses 7-11! Twice we read "thou shalt open thine hand wide." "Thou shalt open thine hand wide unto him, and shalt surely lend him sufficient." "For the poor shall never cease out of the land, therefore, I command thee, saying, Thou shalt open thine hand wide unto thy brother, to thy poor, and to thy needy, in thy land." Throughout the Word of God the poor are mentioned to be remembered in kindness and some most blessed promises are given to those who obey these gracious words. See Proverbs 14:21; 19:17; 22:9; 28:8, 27; Ps. 41:1. Oppression of the poor is a sin, which God specially marks. See Isaiah 3:14, 15; 10:2; Ezek. 18:11-13; Amos 2:6, 4:1; 5:11; James 2:6. When the Lord comes He will remember the poor and deliver them. See Ps. 72:2, 4, 12, 13; 113:7; 132:15; Isaiah 11:4.