When we are in debt

Christmas has passed, the decorations have been taken down and life is returning to normal. Yet for many people living in Britain January is a worrying month because the bills for Christmas will soon arrive. Millions of people are entering 2018 with a debt hanging over them because they overspent during the festive period. One advice line estimates that 7.9 million people are likely to fall behind with their finances in January because of credit card debt incurred over Christmas.

Being in debt is oppressive. I remember visiting a man who was in debt. He had been injured in a car accident and had lost his job. The debts had begun to accumulate and he was unable to pay them. The bank had refused to increase his overdraft and the red letters, with their demands and threats, were arriving regularly. He no longer opened letters from the companies to which he owed money. Debt had paralysed him and filled him with fear for the future. He felt very alone and had seriously considered ending his life.

When we are in debt we need to seek help. I was able to come alongside the man and to work out with him ways to begin to address his debts. In time, all his debts were cleared and he was able to move to a new flat. A great burden had been lifted from him and he was able to enjoy life again. Organisations like Christians Against Poverty offer practical help to people overwhelmed by debt enabling them to manage their repayments and, in time, to be debt-free.

When I visited the man I was also able to pray with him and to ask God to help him. God is just and is particularly concerned for the poor and for widows and orphans. He sees the oppression of the poor and vulnerable through immorally high interest rates and he will call such lenders to account. God also provides for us in our need. In the Lord’s Prayer Jesus taught us to pray, “Give us this day our daily bread.” This petition is not only for our food but for all our daily needs. God is the One who gives us all good gifts. If you are overwhelmed by debt, ask God to help you. In Psalm 34 the Psalmist says, “I prayed to the Lord, and he answered me. He freed me from all my fears. In my desperation I prayed, and the Lord listened; he saved me from all my troubles.”

The God of second chances

In our world today the price of failure is high. A political leader whose party loses an election or referendum is expected to resign. A Premiership football manager whose team has a bad run of results is sacked. The chief executive officer of a major company or bank that performs badly will lose their job. People demand and expect success at all costs and, if it isn’t achieved, there must be a scapegoat; someone who takes the blame.

But the fact is that we all fail and do so repeatedly. We need to know how to cope with our failures and to understand that we may learn more from our failures than we do from our successes. The Bible tells us about the experiences of people who failed and who were restored by God. Many of the great people in the Bible had times when they seriously failed. God is revealed as the God of second-chances.

King David is described as a man “after God’s own heart.” He wanted to honour God in everything he did and to please God always. He was a genuine man with many strengths. The psalms David wrote, like Psalm 23, have brought comfort and help to people from many nations. Yet there was one very dark episode in David’s life when he succumbed to temptation and committed adultery with the beautiful wife of one of his bravest soldiers. Afterwards he behaved disgracefully as he tried to cover his sin and this led to the death, in battle, of the husband. Then David married the woman, who was carrying his child. The Bible’s verdict on David’s actions is clear, “The Lord was displeased with what David had done.”

Yet, when David faced up to his sin and guilt, God graciously restored him. David wrote about that experience in Psalm 32, “Oh, what joy for those whose disobedience is forgiven, whose sin is put out of sight! Yes, what joy for those whose record the Lord has cleared of guilt, whose lives are lived in complete honesty! When I refused to confess my sin, my body wasted away, and I groaned all day long. Day and night your hand of discipline was heavy on me. My strength evaporated like water in the summer heat. Finally, I confessed all my sins to you and stopped trying to hide my guilt. I said to myself, “I will confess my rebellion to the Lord.” And you forgave me! All my guilt is gone.”

Forgive us our debts

Christmas is a distant memory, but the arrival of credit card bills this month reminds us of how much we spent and how much we owe. At the end of November 2015, people in Britain owed £1.458 trillion. This is £708 more for each adult than in November 2014. By the end of 2016 the average household will owe almost £10,000 in personal loans, credit cards and overdrafts.

Debt can become overwhelming and destructive. I remember visiting Bob. He had gone through the pain of divorce and had also lost his job. He was in serious debt. He hated the sound of the postman putting letters through his door because many of them were final warnings. If he didn’t pay what he owed his electricity, gas, and telephone would be cut off. He had no money to pay and had reached his overdraft limit at the bank.

One Friday he had gone to his bank hoping to draw our £20 to get some food. The cashier told him he couldn’t give him the money. Bob’s desperation must have been obvious to the cashier because, later that day, after the bank had closed, the bank manager brought some money to his house! I talked with Bob and discovered the full extent of his debts. Then I went with him to talk to the bank manager and, together, we agreed a way for his debts to be paid and for him to move to a smaller property which he could afford. The crushing burden of debt had been lifted from Bob and, now, he had hope for the future.

The Bible speaks about another debt we all owe. In the Lord’s Prayer we ask God “to forgive us our debts.” Every day we all break God’s commands and our debt to him accumulates. Sometimes our sense of guilt becomes overwhelming as we realise how our sinful patterns of behaviour are destroying our lives, and the lives of those we love. At such times we feel utterly helpless, as Bob did when faced with his debts. The good news is that Jesus came into the world to provide a way of escape and to give us hope. By his death on the cross he paid the debt of our sins and we can experience forgiveness through him. One hymn says, “My sin, oh, the bliss of this glorious thought! My sin, not in part, but the whole, is nailed to the cross, and I bear it no more, Praise the Lord, praise the Lord, O my soul!”

The crushing burden of debt

After all the talks and proposals there is still no resolution of the Greek Debt Crisis. Banks in Greece are running out of money because there are no more loans available from the European Central Bank and International Monetary Fund and ordinary people have withdrawn billions of euros from their accounts. The crisis is hitting all sections of Greek society. Unemployment is at 25%, pensions will be capped and an increase in VAT is unavoidable. This week the banks are closed and people are only allowed to draw a maximum of €60 per day from cash machines.

Massive national debts are a feature of our world today. The UK government debt is £1.56 trillion, which is 81% of our annual Gross Domestic Product. The annual interest payments alone are £43 billion. The reason we are not in the same situation as Greece is that our government is able to raise the money it needs to finance its debt because institutions and people believe we are able to make the repayments and so we also pay lower interest rates. It’s when you can’t pay your debts that the problem gets out of hand, as it has in Greece.

Personal debt is also an overwhelming burden for many ordinary people. One of the early credit cards encouraged people to take their credit because it “takes the waiting out of wanting.” People are encouraged to take the money now and pay later, often at high interest rates. Payday loan companies charge extortionate interest rates. It’s easy to get a small loan, but it’s very costly indeed to repay it.

The Bible reminds us of another kind of debt, which is even more serious, but to which we may give little thought. Each day of our lives our debt to God accumulates as we commit sins by breaking his commands. The debt we owe to him is overwhelming. The amazing message of the Gospel is that Jesus came from heaven in order to pay our debt by his death on the Cross. Each of us can come to God and ask him to forgive the debt we owe him.

The Welsh preacher, John Elias, wrote a hymn expressing his amazement at the wonderful kindness and love of God in Jesus. “And was it for my sin that Jesus suffered so, when moved by His all-powerful love he came to earth below? Thy holy law fulfilled, atonement now is made, and our great debt, too great for us, He now has fully paid.”

Lessons from the Banking Scandal

The latest banking scandal, involving Barclays Bank, has led to the resignation of its Chairman. Their Chief Executive is also under pressure to resign. The scandal involves inter-bank lending rate-fixing, something few of us fully understand. The Bank has been fined £290m and has promised a root and branch review of its flawed past practices and a zero-tolerance policy to anything that damages its reputation. Politicians and leaders in the world of finance and business have condemned what has happened. Other banks are also being investigated.

It is strange that we should expect integrity in some sections of our society at a time when there has been a general rejection of almost all foundational moral principles. The Ten Commandments are not arbitrary rules which God has laid down, but establish the essential basis for personal morality and a healthy society. In recent years every one of those commandments has been undermined. God is no longer honoured and his Name and special day are treated with disdain. Honour and respect for parents is not taught or practised. The sanctity of life and of the marriage relationship has been set aside in favour of new moral “progressive” views. So why should we be surprised that some people steal what belongs to others, tell lies and covet money and possessions?

The systematic dismantling of moral standards in our society is very serious for us all. Some seem to believe that making more laws is the answer, but clearly it is not. We have never had so many new laws. Others appeal to the innate goodness of every human being and believe that education will solve all our problems. However, those involved in the banking scandal are highly intelligent and have enjoyed the best education, but still they acted dishonestly for their own gain.

The Bible presents a much more credible explanation of the problem we all face and of its solution. From the very beginning the Bible tells us that we are all flawed. We find it easier to break God’s laws than to keep them. We are not sinners because we commit sin, but commit sin because we have a sinful nature. For this reason God sent his Son, Jesus, into the world to be the Saviour of sinful people like us. He died, not for his own sins, but for ours. Through trusting in him all of us can find the forgiveness we need and the power to live a new life.