Definition and Context
In biblical terms, debt refers to the obligation to repay something that is owed, whether it be money, goods, or services. The concept of debt is both literal and metaphorical in the Scriptures, often symbolizing sin and the need for redemption. Debt is addressed in various contexts throughout the Bible, including financial transactions, moral obligations, and spiritual indebtedness.

Old Testament References
The Old Testament provides several laws and guidelines regarding debt. In the Mosaic Law, debt is regulated to ensure fairness and compassion. For instance, Exodus 22:25 instructs, "If you lend money to one of My people among you who is poor, you must not be like a moneylender to him; you must not charge him interest." This reflects God's concern for the poor and the importance of mercy in financial dealings.

The Year of Jubilee, described in Leviticus 25, is a significant event related to debt. Every fiftieth year, debts were to be forgiven, and land returned to its original owners, symbolizing God's provision and the restoration of social order. Deuteronomy 15:1-2 further emphasizes this principle: "At the end of every seven years you must cancel debts. This is how it is to be done: Every creditor shall cancel the loan he has made to his fellow Israelite."

New Testament Teachings
In the New Testament, Jesus addresses the issue of debt in both literal and spiritual terms. The Lord's Prayer includes a plea for forgiveness of debts, as seen in Matthew 6:12 : "And forgive us our debts, as we also have forgiven our debtors." Here, debt is synonymous with sin, highlighting the need for divine forgiveness and the call to forgive others.

The parable of the unmerciful servant in Matthew 18:23-35 illustrates the kingdom of heaven's perspective on debt and forgiveness. The servant, forgiven a massive debt by his master, refuses to forgive a small debt owed to him by a fellow servant. This parable underscores the expectation that those who receive God's mercy must extend it to others.

The Apostle Paul also addresses debt in his epistles. In Romans 13:8 , he writes, "Be indebted to no one, except to one another in love, for he who loves his neighbor has fulfilled the law." Paul emphasizes that love is the ultimate obligation, transcending all other debts.

Spiritual Implications
Debt in the Bible often serves as a metaphor for sin and the human condition. Humanity's debt to God, incurred through sin, is a central theme of the Gospel. Jesus Christ's sacrificial death is portrayed as the payment of this debt, offering redemption and reconciliation with God. Colossians 2:13-14 states, "When you were dead in your trespasses and in the uncircumcision of your flesh, God made you alive with Christ. He forgave us all our trespasses, having canceled the debt ascribed to us in the decrees that stood against us. He took it away, nailing it to the cross."

Practical Considerations
The biblical approach to debt encourages responsible financial stewardship, compassion for those in need, and a focus on spiritual priorities. Believers are called to avoid excessive debt, practice generosity, and prioritize their obligations to God and others. The principles of forgiveness and mercy in financial matters reflect the broader Christian ethic of love and grace.