In response to the coronavirus pandemic, coupled with a steep drop in tax receipts, UK government borrowing hit its highest December level on record.
"Sleepwalking into a debt crisis"
New research revealed that over half of UK adults got into debt last year, with one in four saying that their debt was a direct result of the COVID-19 pandemic. To quote one financier, Britain is “sleepwalking into a debt crisis”. The prospect of planning repayment for this level of debt, national and personal, is daunting and seems almost impossible. Thankfully there are debt advisors available if you are struggling.
However, every one of us has a debt that we cannot pay off, no matter our financial situation. We are in debt to God; we have an obligation to Him that we cannot meet on our own. God created us and continues to give us life and breath, yet so many of us ignore Him and refuse to believe His Word, the Bible. We are spiritually bankrupt, dragged down by our own sin against a holy God. Every day we add to our “sin-debt” by falling short of God’s standard of perfection. The Bible tells us that “all have sinned and fall short of the glory of God” (Romans 3:23). Many try to reduce their debt by good works or religion but we read in Isaiah 64:6 that, in comparison to God’s holiness, “all our righteousnesses are like filthy rags”. This debt, if unpaid, leaves us in great danger, as Romans 6:23 indicates: “the wages of sin is death”. This is not just physical death but eternal separation from God in hell.
Like the financial climate, this seems bleak – debt with no means of payment. There is good news, however. We have seen that God is holy but God is also love and is “not willing that any should perish” (2 Peter 3:9). The Lord Jesus, God’s Son, came into the world to provide the solution to the problem of sin. His own life was holy and free from sin but He knew sin couldn’t be ignored and had to be punished so He bore the punishment it demanded. In His death on the cross He “put away sin by the sacrifice of Himself” (Hebrews 9:26). After paying the price in full, He cried out “It is finished!” (John 19:30); His mission was accomplished. God showed His pleasure and satisfaction by raising the Lord Jesus from the grave and now He is alive in heaven.
What about our “sin-debt”?
Some people foolishly live in denial about their debt until it’s too late and everything they own is lost. What about our “sin-debt”? How can that be cleared? We must accept the fact that our sin will separate us from God, repent of it and turn away from it, and trust in the Lord Jesus for salvation. Imagine the relief and gratitude of someone who has been told that their debt has been paid in full and they are no longer liable for it. How much more wonderful to be able to know you are no longer under the condemnation of your sins and will one day be in heaven. Don’t ignore your “sin-debt” and leave it too late; “now is the accepted time . . . now is the day of salvation” (2 Corinthians 6:2).