Term Limits and Borrowing Points
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 were the slaves or servants and the land 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 when, at that time, they concerned
fellow Israelites. These verses also show that the Lord acknowledged
the reality of debt, no matter how bad it generally was. He also empha-
sized that it was to be avoided as much as possible.
Today, by contrast, people in 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 bor-
rowing 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.
If you have lent people money, how honest and fair and kind are
you in your dealings with them? How would you fare before God
when you have to answer for those dealings? (See Eccles. 12:14.)
