I asked a lender why debts fall off your credit report 7 years after a delinquency.

[soliloquy]

Do you know how this came to be. I was surprised by her answer.

[Junejer]

I believe it's biblical and has to do with Jubilee.

[soliloquy]

That's what she told me. She said go look up Deuteronomy 15:1-6. I know I had read it before but I guess I never connected the two. I thought that was a cool tidbit of info.

Deuteronomy 15 The Year for Canceling Debts

 1 At the end of every seven years you must cancel debts. 2 This is how it is to be done: Every creditor shall cancel the loan he has made to his fellow Israelite. He shall not require payment from his fellow Israelite or brother, because the LORD's time for canceling debts has been proclaimed. 3 You may require payment from a foreigner, but you must cancel any debt your brother owes you. 4 However, there should be no poor among you, for in the land the LORD your God is giving you to possess as your inheritance, he will richly bless you, 5 if only you fully obey the LORD your God and are careful to follow all these commands I am giving you today. 6 For the LORD your God will bless you as he has promised, and you will lend to many nations but will borrow from none. You will rule over many nations but none will rule over you.

Message Edited by soliloquy on 02-09-2010 11:00 AM

Message Edited by soliloquy on 02-09-2010 11:00 AM

[Anonymous]

Cool stuff.

[marty56]

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@Junejer wrote:
I believe it's biblical and has to do with Jubilee.

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I also agree.  some posted awhile back that it was statistical but I didn't buy their answer at the time and and still wouldn't.

[newstart2010]

Wonderful stuff!!  Lots of our laws, whether people like it or not, are based on biblical teachings and commandments.  But i never thought that in "the land of credit" God ruled. 

[Anonymous]

Jesus has risen!  Unfortunately he saw his shadow but has proclaimed all loans will now fall off reports in just 5 years!

Message Edited by Cyan007 on 02-09-2010 10:04 PM

[Imhotrodcrazy]

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@soliloquy wrote:

That's what she told me. She said go look up Deuteronomy 15:1-6. I know I had read it before but I guess I never connected the two. I thought that was a cool tidbit of info.

Deuteronomy 15 The Year for Canceling Debts

 1 At the end of every seven years you must cancel debts. 2 This is how it is to be done: Every creditor shall cancel the loan he has made to his fellow Israelite. He shall not require payment from his fellow Israelite or brother, because the LORD's time for canceling debts has been proclaimed. 3 You may require payment from a foreigner, but you must cancel any debt your brother owes you. 4 However, there should be no poor among you, for in the land the LORD your God is giving you to possess as your inheritance, he will richly bless you, 5 if only you fully obey the LORD your God and are careful to follow all these commands I am giving you today. 6 For the LORD your God will bless you as he has promised, and you will lend to many nations but will borrow from none. You will rule over many nations but none will rule over you.

Message Edited by soliloquy on 02-09-2010 11:00 AM

Message Edited by soliloquy on 02-09-2010 11:00 AM

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AMEN!!

[DI]

interesting