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.”

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.”