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Debt refers to an unpaid promise of payment. It is of major concern to a modern survivalist[1]. It is important to understand our own personal debt and how it is a cancer in our lives, strategies for debt elimination, how to avoid debt, and know under what circumstances debt is okay. It is also important to understand how entire monetary system can be debt-based, how a nation's national debt effects us personally and larger systems of support, and alternatives to debt-based nationally fiat currencies.


Personal Debt

Personal debt is when a person takes a loan that is a promise to pay back the amount of the loan plus interest in the future. Common reasons to obtain debt are college loans, car loans, and mortgages. It is virtually impossible to go through life without incurring some personal debt. Such debt is commonly generated through taking out loans, often for a house or a car. Credit cards are another source of debt. Where a debt cannot be paid in a specified time, interest is often added to the amount originally owed (the principal).

Until the Great Depression, home loan practices were more consistent with the laws of Deuteronomy, in that the maximum term of a home loan was limited to 5-10 years.[2] By the late 1930s however, changes to Federal legislation allowed for 30-year loans. This had the effect of increasing home ownership levels, but also increasing the amount of personal debt to a high degree.


Debt Freedom

National debt

Main Article: National debt The United States has the largest national debt in the world.[3] Regardless of this, Barack Obama borrowed more in the month of February 2011 ($223 billion) than George W. Bush did during the entire 2007 budgetary year ($163 billion).[4]


"The one aim of these financiers is world control by the creation of inextinguishable debt." - Henry Ford

Biblical References

The Bible refers to the matter of personal debt and deals with it in a matter of ways. Beginning with the Old Testament, loans and debts formed part of the economy. Loans could be made for a period of no more than six years (the interval between Sabbath years), upon which loans to fellow believers were forgiven. Debts to foreigners were excused from this release.[5] This system of credit was revealed by God as a means to prevent poverty, but was dependent on one's obedience.[6]

In cases (prior to the next Sabbath year) where debts were owed and could not be repaid, it was possible for persons to become indentured servants in order to work off their debts,[7] which prevented individuals from falling into bankruptcy. The book of Proverbs makes clear that the rich rule over the poor, and the borrower is the servant of the lender.[8] Because of this, individuals are also discouraged from pledging collateral for another person's loan.[9]

The New Testament discusses further the issue of debt, sometimes in a wider sense. In the Lord's Prayer, Jesus instructed believers to "forgive us our debts, as we forgive us our debtors".[10] The reference is towards forgiving actions of sin, rather than monetary debt.[11]

In the Epistle to the Romans, the acquisition of monetary debt is discouraged altogether, and to be replaced with a debt of love toward one another.[12]


"Gold is the money of kings, silver is the money of gentlemen, barter is the money of peasants and debt is the money of slaves." -- Traditional

See Also


  1. Modern_survivalism#Debts_is_financial_cancer
  2. The History of 30 Year Mortgages
  3. GDP vs National Debt by Country
  4. RealClearPolitics: Obama's Dreamland
  5. Deuteronomy 15:1-3 (KJV)
  6. Deuteronomy 15:4-5
  7. Deuteronomy 15:12
  8. Proverbs 22:7
  9. Proverbs 22:26 (ESV)
  10. Matthew 6:12 (KJV)
  11. Verse-by-Verse Commentary by Dr. Grant C. Richison
  12. Romans 13:8 (KJV)

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