Forgetting Debt Forgiveness

We have come to a time where I have not seen in my life or even learned from school about debt forgiveness.  It does exist and it has been used in past civilizations.  Why does it not start applying through the average household as this is where the problem is lying? There is compassion in this society and system.

I have recently read an article about South Korea helping poor people to a ‘Happiness Fund’ .  If this is being incorporated from one Nation then the ideas can follow.  Are we not supposed to learn from others, especially good, effective and working systems?  This will cause a transformal society without the burden from debt.  The status quo will be financial free and mental stress will slowly evaporate.

Debt has been with us for thousands of years going back to great civilizations and even through different religions in different parts of the world.  The only difference between then and now is the monetary system which has shaped today’s society and the way to go about trading.  Back in the days of previous civilizations, trade was done through substances that benefit the traders and be considered needs such as food, shelter, craftsmanship, woodcutters, potters, blacksmiths, cobbler, etc.  For farmers, if there was drought then there would not be food to trade which would cause them into debt.  Those that did not have the means to pay debt had to perform services of the debtor until it was repaid.   Also, some were reduced to serfs or slaves with their possessions taken from high-ranking officials of the kingdom period.

Although ordinary individuals incurred debt, there was a standard of code that the ruling party of that civilization placed so that it would not cause undue hardship for that society.  Examples include debt cancellation in the Mesopotamia civilization, rulings under Ramses III and IV of the ancient Egyptian civilization, through the ruling pharaoh Ptolemeus V near the conquest of Alexander the Great, debt cancellation adopted by  the Hammurabi code in the Babylon empire, also emperors of the Assyrian civilization adopted the debt cancellation tradition when then passed to the Jewish religion of what was called the Jubilee year.

It is not to say that debt forgiveness did not occur with the invention of money to our monetary system.  There has been debt forgiveness during the 19th century in the United States and the most important was during the Great Depression under President Franklin D. Roosevelt.  The ‘New Deal’ was created by Franklin D. Roosevelt which ensured relief, recovery and reform through the society under the Great Depression.  If it was not for the president’s initiatives and planned action, the United States would of still suffered in the endless abyss of a failed financial system.

The question we have to ask ourselves is why is there no compassionate intervention by the world governments to act on the increasing indebtedness throughout society?

Do we not learn from past experiences of indebtedness and eliminating it?

Are we forgetting debt forgiveness given the current division of the rich and poor?

I fear that if nothing gets done from the social trend in the average household indebtedness then we are in for a big shock unlike the Great Depression and the chances of getting out of this one will either take a very long time or not at all.

We all have to work together and share in each other’s experiences.  Thank goodness for the Internet as this is the one way we can come up with Society’s New Deal to tackle debt head on.  This will be a wake up call for the government leaders to listen to the struggling individuals and families on debt.  In our time, society and the governments will have to work together to conceive a solution and implant it to future generations.

Getting back to South Korea’s initiative in helping its citizens through the ‘Happiness Fund’ is right before our eyes debt cancellation/debt forgiveness from a high authority to the average individual or family.  Even though it is still limited, this is the right direction to prevent the abysmal event that can happen any time. I for one do not want to live that time and I am sure neither does anyone else.

Given the fact that the average household debt is ever increasing and is common to different nations, we can no longer say that it is up to that household, it is their fault, they have to fend for themselves.  This is too grand of a scale in that it will just be a chain reaction that will affect banks, enterprises, corporations and even the economy itself.

Let us not forget debt forgiveness and use what was used by our previous ancestors throughout previous civilizations.

2 thoughts on “Forgetting Debt Forgiveness”

  1. This is an excellent post. Having incurred $34,000 worth of debt between credit cards and automobiles I had to end up declaring bankruptcy. This society encourages us to live beyond our means and then shames us about needing forgiveness or help. It took me a long time to decide to do chapter 7 but what finally decided me was what you were pointing out about how it is biblical to have debt forgiveness. I also made to promise to myself that I would learn to live within my means. I am glad I did it! Do you have any information on help I can get with my school loans?

    1. Hello Melo Ann,

      I do agree with you that this society ‘encourages’ us to live beyond our means…but, we have a choice to do that or not.  This is consumerism as this will not go away.  We buy, spend and borrow for things and we need to prioritize the things we see into needs and wants.  The latter is what the industry does so much in tempting the individual to spend; a sort of law of attraction.  However, we need to look at the wants and see if that want is something that be of useful purpose or not.  If it is not useful then we do not purchase it and that money can go elsewhere such as saving or paying debts if we have.  Also, we have to put into our mindset that we need to live either at or below our means which depends on our situation.  Today, society has forgotten all that and now the average household debt is at a phenomenal level which will lead to an uncertain future.  This is why I mentioned about learning from our past ancestors and forgive debt.  It has happened before and can be incorporated today.  The lesson after forgiving debt is for the whole society to change the mindset of overspending and the system to enforce that through reform.  With regards to school loans, what I would advise is to look at what you currently have in terms of household income, what services do you or need or not need and cut the unneeded ones, shop around for cheaper products and services, find out what you have in your household that you can sell to get income coming in, if using a vehicle then see if commuting is an alternative or carpooling, shop at discount stores or grocery.  All this in order to save money to go more towards your school loan payment.  Are you still studying or have graduated?  If you are still attending college/university, read my testimonial on my student loan experience and what I have done to get out of my student loan.  Check your National/Federal or local government to see if there are new legislation passed where a student or former student with debt can have their interest deferred, partial or full forgiveness, not paying until one gets employment at a certain income level to be able to pay the loan; but check out the fine print.  Research the Internet with keywords of ‘Student Loan Relief’ or ‘Student Loan Forgiveness’ as there are plenty of resources that may assist you.  The times are changing and I am seeing signs that governments are pushing for help to students that cannot afford to pay back their student loans.  In Canada, specifically in the province of Ontario, there has been a bill passed where students from low-income families are eligible to receive free tuition for college/university.

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