This is when a person or company is unable to pay debt owing to their creditors. They are financially powerless (Mt 18:23-25).

In modern life there are several factors that bring about financial difficulties including other companies being unable to pay. This sets off a ripple effect adversely affecting many others. Some people borrow heavily to get rich quick investing in unsustainable ventures which they have not diligently researched or because of cost overruns they can't complete what they have started (Lk 14:28).

Spending beyond their income is a serious problem for many people, purchasing things they don’t need with money they don’t have to impress people they don’t love – often using credit cards. Budgeting and self-discipline are important skills to master in order to resist advertising hype like ‘You must have’ or peer pressure for “A man’s life does not consist in the abundance of their possessions” (Lk 12:15).

Humanity is also spiritually bankrupt for “All our righteous acts are like filthy rags…” (Isa 64:6). Jesus is our only hope of salvation. We are indebted to Him for redeeming us (buying back).

See also: budgeting, credit cards, debts, money.

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