Financial Debt

Dec 4

Everyone owes an unpayable debt to God (1 Cor 4:7) and to Christ (Rev 5:9). We also have a debt of love to other people (Rom 13:8). Financial debts are to be paid (Rev 13:7) and we should avoid needless, unwise financial debt (Mt 5:25-26).

It took Abraham Lincoln about 17 years to get out of debt. For the Pilgrims, it took over 20 years to pay off their debt to those who had financed their voyage to America on the Mayflower. Prior to becoming president, it took Truman years to pay off his debt from a failed business. Likewise, before he became president, Benjamin Harrison had to borrow money from friends and family so his wife and he could eat and have a place to live. Nineteenth century British Prime Minister, William Gladstone, spent years paying off debt from his brother-in-law’s failed business (which Gladstone had helped finance). Former president, Thomas Jefferson, was so far in debt he had to sell his famous library to Congress. Aimee Semple McPherson, the minister who started the Foursquare Church, needed 10 years to pay off her many debts. Even after his second voyage to America, Christopher Columbus was significantly in debt.

Sometimes we get into debt because of foolish choices we have made. At other times, we take what seems to be a reasonable risk (such as buying a house or taking out loans to go to college) only to get financially ruined. The Pilgrims and Columbus took reasonable risks to come to America. Those decisions were not bad decisions but they resulted in many years’ worth of debt. Lincoln, Truman, and Gladstone had a business partner fail. Aimee Semple MacPherson was repeatedly sued. Benjamin Harrison could not find enough work after graduating from law school. Jefferson’s friend, who owed him a lot of money, was unable to pay.

Let us avoid the self-righteous attitude that financial debt is always the result of very poor decisions another has made. Sometimes, life throws us a surprise. We lose a job, have health issues etc. In such times, we do best to give others as much encouragement, love, and practical help as possible. Furthermore, if we are the one struggling financially, maybe we can be gracious to ourselves as well.

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