Common Solutions for Economic Crisis

Its name pretty much describes its goal. It is called simply ‘debt consolidation’.

Wikipedia defines it like this. “Debt consolidation entails taking out one loan to pay off many others. This is often done to secure a lower interest rate, secure a fixed interest rate or for the convenience of servicing only one loan. Debt consolidation can simply be from a number of unsecured loans into another unsecured loan, but more often it involves a secured loan against an asset that serves as collateral, most commonly a house. Debt consolidation is often advisable in theory when someone is paying credit card debt. Credit cards can carry a much larger interest rates than even an unsecured loan from a bank."

In the United States the Federal Direct Student Loan Program (FDSLP) allows students to consolidate school loans into one single debt. Consolidation loans have longer terms than other loans. Debtors can choose terms of 10–30 years. The Federal Loan Consolidation Program was created in 1986.

It is no secret that America is in an extended economic funk even though some claim it is beginning to show signs of recovery. But many families are in serious trouble and some are in, or are falling into, straggling debt. A good number have lost their homes or been forced into bankruptcy. Many struggle and live from pay check to pay check – and these are the fortunate ones in that they at least are employed. Many are not! And while this is the harsh reality for a certain percentage of the nation’s citizenry, there are others for whom the current recession is not even a blip on their financial screen due to their adequate, or more than adequate, personal resources. There are many who can’t even relate to what financial ills can be like since they may never have them in this life.

But for those in economic crisis, and for those not even close, there remains a serious debt problem – one owed equally across the entire economic spectrum. And it is not limited to this nation. It is a literal form of birth defect that does not consider one’s economic status - but only his or her heart’s spiritual condition. It is there whether they know about it or not. And it is a debt no person can pay off by consolidation, borrowing, or any other means of creative financing. It is the all-consuming debt of personal sin. And it is an issue that has caused everyone ever born to enter instantly into a life of spiritual bankruptcy. This is also an eternal debt and, unless properly paid off in time, it will bring its unimaginable consequences to bear on a soul forever.

The debt owed to God by every man and woman ever born can’t be paid off by anything they ever do, invent, or attempt. It is that serious, that destructive, and that far beyond them. But the amazing part of this all-encompassing dilemma is that it has already been paid for in full – meaning that everyone’s ‘sin slate’ may be wiped fully clean forever and in the blink of any eye.

Perhaps the most concise example of this instant and full forgiveness was demonstrated when the Son of God hung on a cruel Roman cross between two condemned thieves. His express reason for being there was to fully pay the debt of their sin, and in the process, those of the entire world. The one criminal rebuked and scorned Christ as they all suffered intensely there. But the other somehow instinctively knew that Jesus was more than just someone dying at the cruel hands of those in charge. This man admitted his own guilt and the debt of sin he owed before God. It was at that precise time that he turned to Jesus with some sincere words that were both unexpected but profoundly meaningful and theologically correct.

Verse 40 of Luke 23 shares the historic moment. “But the other, answering, rebuked him, saying, "Do you not even fear God, seeing you are under the same condemnation? And we indeed justly, for we receive the due reward of our deeds; but this Man has done nothing wrong." Then he said to Jesus, "Lord, remember me when You come into Your kingdom." Verse 43 then reveals the amazing conclusion and the renewed destination for a wicked man who seconds earlier owed a debt he had no time or ability to pay. “And Jesus said to him, "Assuredly, I say to you, today you will be with Me in Paradise." When this poor soul who had lived a vile life said in verse 42, “Lord”, it was an actual acknowledgement of the deity of Christ and the Lord’s ability to deal with and forgive a lifetime of sin.

While a nation’s economy continues to stagger and stumble, so do many of its people. And again, there are others who suffer few economic consequences or pain and perhaps never will. But 1 Timothy 6:17-19 has insightful words for those for whom a recession or a depression is only a word. Paul says there, “Command those who are rich in this present age not to be haughty, nor to trust in uncertain riches but in the living God, who gives us richly all things to enjoy. Let them do good, that they be rich in good works, ready to give, willing to share, storing up for themselves a good foundation for the time to come, that they may lay hold on eternal life.”

And then Ephesians 2:4-9 expresses what really matters in this life and the next and what the true definition of wealth is for those who have nearly everything and for those who have nearly nothing.

“But God, who is rich in mercy, because of His great love with which He loved us, even when we were dead in trespasses, made us alive together with Christ (by grace you have been saved), and raised us up together, and made us sit together in the heavenly places in Christ Jesus, that in the ages to come He might show the exceeding riches of His grace in His kindness toward us in Christ Jesus. For by grace you have been saved through faith, and that not of yourselves; it is the gift of God, not of works, lest anyone should boast.”

The Bible assures that Jesus Christ is the Savior of all men. (1 Timothy 4:10) He is the only lasting solution to mankind’s universal spiritual poverty and the only One who can effectively deal permanently with eternal bankruptcy!

Bill Breckenridge