The book of Deuteronomy calls us to spend one out of every seven years actively eliminating debt, in a practice called shmittat kessafim — the release of money.
Deuteronomy 15:1-6 reads: “At the end of every seven years, you shall celebrate the year of release (shmitta). This is the release: every lender shall forgive any debt owed by his neighbor and brother when God’s shmitta year comes.”
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