1 At the end of every seven years you must cancel debts. 2 This is how it is to be done: Every creditor shall cancel any loan they have made to a fellow Israelite. They shall not require payment from anyone among their own people, because the Lord’s time for canceling debts has been proclaimed. 3 You may require payment from a foreigner, but you must cancel any debt your fellow Israelite owes you. 4 However, there need be no poor people among you, for in the land the Lord your God is giving you to possess as your inheritance, he will richly bless you, 5 if only you fully obey the Lord your God and are careful to follow all these commands I am giving you today. 6 For the Lord your God will bless you as he has promised, and you will lend to many nations but will borrow from none. You will rule over many nations but none will rule over you.
I looked over the mortgage statement the other day and noticed the many years remaining to pay back the bank for the mortgage on the house. The mortgage is a conveyance of an interest in property as security for the repayment of money borrowed. In other words, it is debt, which is a liability or obligation to pay. When I read this ‘law’ in Deuteronomy, I wonder how it could be for the creditor to cancel all debts on the 7th year? Back then, there were no million dollar homes which require long-term mortgage payments.
God has blessed those who have experienced debt relief. It’s not financial debt relief that we have experienced, but we had a debt of sin that was paid for. We were saddled with sin that was overbearing and we are not able to pay back to be right with God. Jesus took away our sin and took on our debts. In Luke 7, Jesus told the parable that demonstrated the person who has the bigger debt forgiven will love more. It reminds me that I should not compare my debt always have gratitude for what Jesus has done for me.