In the context of forgiving debts, the Bible speaks of a year called the Year of Jubilee, which occurred every 50 years among the Israelites. This is detailed in Leviticus 25:8-10:

“And thou shalt number seven sabbaths of years unto thee, seven times seven years; and the space of the seven sabbaths of years shall be unto thee forty and nine years. Then shalt thou cause the trumpet of the jubile to sound on the tenth day of the seventh month, in the day of atonement shall ye make the trumpet sound throughout all your land. And ye shall hallow the fiftieth year, and proclaim liberty throughout all the land unto all the inhabitants thereof: it shall be a jubile unto you; and ye shall return every man unto his possession, and ye shall return every man unto his family.”

During the Year of Jubilee, debts were forgiven, and those who had sold themselves into slavery due to debt were freed, allowing them to return to their families and property. This practice was a divine command to ensure that no one would be permanently impoverished and enslaved among God’s people, reflecting God’s mercy and compassion for the well-being of the community.
The principle of the Year of Jubilee, including the forgiveness of debts, is deeply rooted in the values of mercy, compassion, and community. While the specific practice of the Year of Jubilee as described in Leviticus 25 pertains to the socio-economic system of ancient Israel, the underlying principles can still inform how we approach economic justice, generosity, and forgiveness today.

Jesus Christ emphasized forgiveness and mercy throughout His teachings. In the Lord’s Prayer, for example, He taught His disciples to pray, “And forgive us our debts, as we forgive our debtors” (Matthew 6:12). This suggests a spiritual principle of forgiveness that extends to all areas of life, including financial matters.

Additionally, in the parable of the unmerciful servant (Matthew 18:21-35), Jesus illustrates the importance of forgiving others as we have been forgiven by God. The parable concludes with a stern warning about the consequences of failing to show mercy to others, suggesting that forgiveness should be a hallmark of the believer’s life.

While the direct application of the Year of Jubilee’s debt forgiveness may not be practicable in modern economic systems, the spirit of generosity, mercy, and care for the well-being of the community is certainly a principle that can guide decisions and actions regarding debt and financial assistance. Believers are encouraged to act with kindness, to support the needy, and to reflect God’s compassion and mercy in their dealings with others.