All Debts Canceled

Jim and Sheila Schmidt reflect on the concept of being debt-free both spiritually and financially, using Luke 4:19, where Jesus proclaims "the acceptable year of the Lord." This is connected to the biblical "Year of Jubilee" described in Leviticus 25, which occurs every 50 years, when debts were forgiven, property returned to original owners, and those in slavery were set free. They emphasize that through Jesus' sacrifice, all our spiritual debts to God have been canceled, and we are set free from the enemy's hold, just like in the Year of Jubilee.

They discuss the heavy burden of debt in people's lives today, especially highlighting how many Americans are struggling with financial debt, particularly from consumer spending like holiday shopping. They encourage readers to remember that Jesus came to set us free from both spiritual and financial burdens and that the ultimate debt—our sin—is paid through Christ's sacrifice on the cross. The key message is that "it is finished"—Jesus has paid the price, and we are free, both spiritually and, with God's help, in managing our finances.

The devotional encourages reflection on how Jesus' redemption can help people in all areas of life, reminding them that they are free in Christ.