Bible Dictionary
Debt
Debt is money or goods owed to another. Israel’s law encouraged helping the poor through lending, restricted interest, and provided for release from certain debts in the sabbatical year.
Definition
Debt is money or goods owed to another. Biblical law regulated borrowing, lending, interest, and the duration of obligations, especially to prevent the poor from being crushed by accumulated debt.
Biblical Usage
The Mosaic law encouraged lending to those in need, condemned oppressive interest and usury, and provided for the cancellation of pecuniary obligations in the Sabbatical year.
Historical Background
Interest could not be charged to Israelites as it could to foreigners. The Sabbatical release of debts was intended to prevent the accumulation of debt.
Scripture References
Historical Bible Dictionaries
Easton's Bible Dictionary
The Mosaic law encouraged the practice of lending (Deut. 15:7; Ps. 37:26; Matt. 5:42); but it forbade the exaction of interest except from foreigners. Usury was strongly condemned (Prov. 28:8; Ezek. 18:8, 13, 17; 22:12; Ps. 15:5). On the Sabbatical year all pecuniary obligations were cancelled (Deut. 15:1-11). These regulations prevented the accumulation of debt.