Posts tagged " business debt "

Is it time to go into debt?

January 14th, 2020 Posted by Ask the Rabbi 10 comments

My wife and I are out of debt except for our mortgage which we are trying to quickly payoff. My business has some opportunity to expand but I am unsure if getting a business loan goes against Biblical or ancient Jewish wisdom.

Thank you for your time.

Bob F.

Dear Bob,

We’re certain that you and your wife have practiced admirable discipline and restraint over the years to have achieved the enviable position of being debt-free other than your mortgage. Congratulations!

Now, on the threshold of expanding your business, you are naturally concerned about perhaps having to take out a business development loan.  This can feel like a step backward into debt especially after all your hard work ridding yourself of loans. 

Let’s try and understand God’s intentions with respect to money.  The very first time that God registers displeasure in the Bible is, “It is not good for man to be alone.”  (Genesis 2:18)  Because of His desire for us to connect with one another, God established two ways for strangers to become closely involved with one another and to care for one another’s welfare.  The first of these is marriage by means of which a man and woman who may not even have known one another a year or two ago now care deeply for each other and their families are interconnected as well.  

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