Read Deuteronomy 15:1-5. What did the Lord require of His people as revealed in these verses?

 In harmony with other seven-year statutes (Exod. 21:2; Lev. 25:3, 4), not only the slaves or servants and the land were regulated, but also the lenders. Because the lenders did not want to forgive any debts, the longest anyone could be in debt was seven years. Whatever else we can take from these verses, they do show that the Lord cares about these kinds of financial issues, especially whenever it concerned fellow Israelites. These verses do show also that the Lord acknowledged the reality of debt, no matter how bad it generally was. He also emphasized that it was to be avoided as much as possible.

 Today, by contrast, many parts of the world have loans for 30 and 40 years for home purchases. It seems that one reason houses cost so much is that credit is available to provide loans to purchase them.

 Meanwhile, many people, parents, and students wonder about borrowing money for an education. As a rule, getting a college degree will enhance a person’s income capability for the rest of his or her life. Some people might have to borrow some money to pay for their education, but keep in mind these factors. You have to pay it back with interest. Try to get all of the grants and scholarships that you can qualify for. Work and save all you can for school. Take only courses that will lead to a job. Have parents help. In Bible times, parents gave their children farmland so that they could make a living. Today that “inheritance” should likely be an education so that they can become independent adults.

 In an ideal world, there would be no borrowing and no debt. But because we don’t live in an ideal world, there might be times when it is necessary to borrow. Just make sure that you have the best deal possible, and the best interest rate available. Then borrow the very minimum that you need, and pay it off as quickly as possible to save on interest costs. In principle, however, to whatever degree humanly possible, we should seek to avoid debt, and by following biblical financial principles in our everyday lives, we can go a long way toward avoiding unnecessary debt and the terrible strain it can put on us and our families.