Let no debt remain outstanding, except the continuing debt to love one another, for whoever loves others has fulfilled the law.
Romans 13:8 (NIV)
While Canadian policy makers worry about household debt, corporate borrowing is also raising red flags. According to a recent note by TD Economics, companies have been loading up on debt during the pandemic to weather the downturn or to take advantage of low interest rates to pursue new opportunities. Corporate debt (non-financial) has hit record highs, rising by $196.9 billion over the pandemic. The total debt load now accounts for 81.5% of nominal GDP, much higher than the 77.2% seen in the last quarter of 2019.
More and more Canadian individuals and corporations are finding themselves deeper in debt than ever before. The pandemic has not helped this. Debt can be a terrible thing – it keeps people up at night and can lead to loss of home and marriage. While this is far too common when it comes to the things of the world, debt is unheard of in the spiritual realm with one exception. Romans 13:8 says “Let no debt remain outstanding, except the continuing debt to love one another, for whoever loves others has fulfilled the law.” Notice here that the Bible gives some practical advice for this world – followers of Jesus should avoid debt, both financially and when it comes to relationships. In the spiritual realm, the exception is the debt we owe Jesus for loving us. We pay that debt off by loving others. This is an interesting spiritual principle. Our salvation is by grace alone. We cannot ever earn it or pay it back. But we can pay it forward and we are called here to do that. Now that you have experienced the love of Jesus, you are called to love others in His name.
These have been words from the heart.