Bible Principles Regarding Debt

The Bible generally says that a person should pay off his debt. For a Christian, one should live without obligation and not be an owner. To do this, he should leave everything to the will of the Lord (ChristianSuper, 2020). The Bible says that nothing belongs to the man in this world. He will leave this world with nothing because he was born with nothing (Christian Super, 2020). Therefore, a person should not pay attention to material benefits for himself because everything on earth belongs to one Lord as He said: “be content with such things as ye have” (King James Bible, n.d.). The debt must be used exclusively for suitable needs, and the debtor must repay the debt without fail as said in Psalm 37:21 “The wicked borroweth, and payeth not again: but the righteous sheweth mercy, and giveth” (King James Bible, n.d.). For example, the land should be returned to the actual owner, and if that is strongly required, then the owner should be paid money for rent. (Watts, 2021). Similarly, the person who hired the employee must pay for the work; otherwise, he will become a debtor.

The principles of the Bible can be effectively applied in corporate finance in the distribution of money. Namely, first of all, attention should be paid to the salaries of employees of a particular company. In search of benefits, corporate finance often prefers investing in the company’s expansion or attracting investors. Contrary to the laws of religion, payment for labor depends on the company’s opportunities after investments. Therefore, the work of people who are invested should be paid first, and only then it is allowed to think about expanding or attracting investors.

References

ChristianSuper. (2020). Is it sinful to be in debt? Christian Super. Web.

King James Bible. (n.d.). Web.

Watts, J. W. (2021). The historical role of Leviticus 25 in naturalizing anti-black racism. Religions, 12(570), 1-10. Web.

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StudyCorgi. 2023. "Bible Principles Regarding Debt." November 23, 2023. https://studycorgi.com/bible-principles-regarding-debt/.

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