Spiritual Basis

Do a search on the words "Bible, Debt" and you will find that Jesus made several references to debt, how it should be managed and when it should be forgiven. In fact, Jesus suggested several times, in several ways, that debt should be forgiven on a 7-year schedule.

Debt grantors obviously have responsibilities that should be taken serious when extending credit. In fact, that is their job.

Jesus was very clear though: due to the sufferings mentally, physically, and in love that debt can create, it should be forgiven.

We used to allow bankruptcy in this country with a 7-year punishment schedule. Many things were changed in the recent new bankruptcy legislation, including a new 10-year punishment schedule, bankruptcy is now much harder to be approved for, as well as new rules in favor of the credit card companies allowing them essentially to charge rates that go as high as 30% compounded.

Bankruptcy should now be avoided at all costs. And, there are better approaches to avoid a life of servitude to the credit card companies.