DEBT RELIEF

Debt is an obligation to repay in the future for a benefit received in the present. In the Bible, discussions about debt primarily fall within the civil law of ancient Israel. The biblical guidance on debt is in the context of compassionate lending to help those in need. While commercial lending, which involves businesses borrowing money to support their operations, was common in ancient times, it is not specifically addressed in the Bible. Its operations were well known in the ancient world but do not appear in Scripture. 

What instruction the Bible does give to believers is that of mercy. Mercy to the poor and oppressed is replete in scripture. Faithful Israelites were ordered to help those in need: “If you lend money to any of my people with you who is poor, you shall not be like a moneylender to him, and you shall not exact interest from him" (Exodus 22:25 ESV). Lenders were forbidden to hold any of the debtors's fundamental necessities as collateral (Exodus 22:26-27; Deuteronomy 24:6; Job 24:3).  Moreover, Israelites were obligated to repay debts, failing to do so was considered wicked: "21The wicked borrows but does not pay back, but the righteous is generous and gives. (Psalm 37:21 ESV).

"There is little instruction in the New Testament Scriptures regarding monetary debt itself (beyond the simple obligation to pay what is owed; Matt 5:25–26; Phlm 1:18–19). Jesus teaches His followers to lend mercifully (Luke 6:34–36), and He uses debt as an illustration in His parables (Matt 18:23–35; Luke 16:1–8). Addressing a wider context (beyond finances), Jesus tells people to seek God’s forgiveness for their debts, just as they forgive any debts owed to them (Matt 6:12)." - Kevan C. Barley, “Debt,” ed. John D. Barry et al., The Lexham Bible Dictionary (Bellingham, WA: Lexham Press, 2016).