Biblical Teachings on Usury and Debt in Scripture
The biblical teachings on usury and debt are rooted in the Mosaic law, which prohibited the Israelites from charging interest on loans to their fellow Israelites, particularly those in need [1, 2]. This prohibition is stated in Exodus 22:25, Leviticus 25:35-37, and Deuteronomy 23:19-20. The term "usury" in biblical contexts refers to interest of any kind, not just excessive interest [3].
The rationale behind this prohibition was to promote a sense of community and solidarity among the Israelites, ensuring that those in need were not exploited. The law allowed for interest to be charged to foreigners, but not to fellow Israelites [2]. The practice of lending without interest was seen as a way to support those in need, and the cancellation of debts every seven years, as mandated in Deuteronomy 15:1-11, further reinforced this principle [4].
The biblical texts also provide regulations regarding the relationship between debtors and creditors. For instance, debtors were not to be deprived of essential items, such as a mill or upper garment, when given as a pledge [5]. The law aimed to prevent the accumulation of debt and promote economic fairness.
The Psalms and Proverbs reinforce these teachings, condemning the practice of usury and emphasizing the importance of fairness in financial dealings [1, 6]. Psalm 15:5, for example, lists "not lending at usury" as a characteristic of the righteous.
In the New Testament, the concept of debt is used metaphorically to describe sin and the need for forgiveness. In Matthew 6:12, Jesus teaches his disciples to pray for forgiveness of their debts, highlighting the importance of treating others with the same kindness and mercy that they hope to receive from God [8].
The biblical teachings on usury and debt have been interpreted and applied in various ways throughout history. Some traditions have seen these teachings as relevant only to the ancient Israelite community, while others have applied them more broadly to Christian communities and societies [7].
The historical context of these teachings is closely tied to the agricultural society of ancient Israel, where loans were often necessary for survival rather than for commercial ventures [3]. Understanding this context is crucial for interpreting the biblical teachings on usury and debt.
The biblical emphasis on fairness, compassion, and community in financial dealings remains a significant aspect of Christian ethics and continues to influence discussions around debt and usury today.
Sources
- Torrey's Topical Textbook “Torrey's Topical Textbook: Usury or Interest — The lending of money or other property for increase -- Le 25:37. Those enriched by unlawful, not allowed to enjoy their gain -- Ps 28:8. The curse attending the giving or receiving of unlawful, alluded to -- Jer 15:10. The Jews Forbidden to take, from brethren. -- De 23:19. Forbidden to take, from brethren specially when poor. -- Ex 22:25; Le 25:35-37. Often guilty of taking. -- Ne 5:6,7; Eze 22:12. Required to restore. -- Ne 5:9-13. Allowed to take, from strangers. -- De 23:20. True and faithful Israelites never took, from their brethren -- Ps 15”
- Easton's Bible Dictionary “Easton's Bible Dictionary: Usury — The sum paid for the use of money, hence interest; not, as in the modern sense, exorbitant interest. The Jews were forbidden to exact usury (Lev. 25:36, 37), only, however, in their dealings with each other (Deut. 23:19, 20). The violation of this law was viewed as a great crime (Ps. 15:5; Prov. 28:8; Jer. 15:10). After the Return, and later, this law was much neglected (Neh. 5:7, 10).”
- Smith's Bible Dictionary “Smith's Bible Dictionary: Usury — (The word usury has come in modern English to mean excessive interest upon money loaned, either formally illegal or at least oppressive. In the Scriptures, however the word did not bear this sense, but meant simply interest of any kind upon money. The Jews were forbidden by the law of Moses to take interest from their brethren, but were permitted to take it from foreigners. The prohibition grew out of the agricultural status of the people, in which ordinary business loans were not needed. and loans as were required should be made only as to friends and brother”
- Easton's Bible Dictionary “Easton's Bible Dictionary: Debt — The Mosaic law encouraged the practice of lending (Deut. 15:7; Ps. 37:26; Matt. 5:42); but it forbade the exaction of interest except from foreigners. Usury was strongly condemned (Prov. 28:8; Ezek. 18:8, 13, 17; 22:12; Ps. 15:5). On the Sabbatical year all pecuniary obligations were cancelled (Deut. 15:1-11). These regulations prevented the accumulation of debt.”
- Easton's Bible Dictionary “Easton's Bible Dictionary: Debtor — Various regulations as to the relation between debtor and creditor are laid down in the Scriptures. (1.) The debtor was to deliver up as a pledge to the creditor what he could most easily dispense with (Deut. 24:10, 11). (2.) A mill, or millstone, or upper garment, when given as a pledge, could not be kept over night (Ex. 22:26, 27). (3.) A debt could not be exacted during the Sabbatic year (Deut. 15:1-15). For other laws bearing on this relation see Lev. 25:14, 32, 39; Matt. 18:25, 34. (4.) A surety was liable in the same way as the original debtor (Prov. 1”
- Psalms (Presbyterian) “Jamieson, Fausset & Brown on Psalms 15:5: (Compare Lev 25:37; Deu 23:19-20). usury is derived from a verb meaning "to bite." All gains made by the wrongful loss of others are forbidden. taketh reward, &c.--The innocent would not otherwise be condemned (compare Exo 23:8; Deu 16:19). Bribery of all sorts is denounced. doeth these, &c.--Such persons admitted to God's presence and favor shall never be moved (Psa 10:6; Psa 13:5). Next: Psalms Chapter 16”
- Deuteronomy (Baptist/Reformed) “John Gill on Deuteronomy 23:19: Thou shalt not lend upon usury to thy brother,.... One of the same nation and religion, and who is in poor and necessitous circumstances, and wants either food for himself and family, or money to carry on his husbandry, till such times as the fruits of his ground will bring him in a sufficiency for his support, and the payment of what he borrows, and which is to be lent him without any interest: as the Jews were chiefly employed in husbandry, and not merchandise, they had but little occasion to borrow, and when they did could not afford to pay interest, as perso”
- Matthew (Baptist/Reformed) “John Gill on Matthew 6:12: And forgive us our debts,.... Nothing is more frequent in the Jewish writings than to call sins "debts"; and the phrase, of forgiving, is used both of God and men. Thus the prayer of Solomon is paraphrased (y) by the Targumist: "and hear thou the petition of thy servant, and of thy people Israel, which they shall make before this place; and do thou receive it from the place of the house of thy Shekinah, from heaven; and do thou accept their prayer , "and forgive their debts".'' So Joseph's brethren signify to him, that it was their father's orders to say unto him”