New International Version (NIV)
The Year for Canceling Debts
15 At the end of every seven years you must cancel debts. 2 This is how it is to be done: Every creditor shall cancel any loan they have made to a fellow Israelite. They shall not require payment from anyone among their own people, 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 fellow Israelite owes you.
It was a command given to the Israelite nation to others within their nation. As I have shared before, I have a goal to become debt free. Through a series of changing events in the last month, I have been forced to look at a couple of things differently. About two weeks ago, I felt God telling me that I needed to pay off my main house loan earlier than I was planning. (The plan had it paying off in about 18 months.)
Over the past year, I had put a significant amount of money away into a Roth. I also have a 401K that was there from what I had put away but wasn't gaining much. Looking at the interest I would be paying out versus the loss from the fee of an early draw it made financial sense to pay off the loan. I called my financial advisor and reviewed the plan. When I told him what I wanted to do and how much I would need in my pocket he calculated what the draw would need to be and it came to an amazing amount. $7,777.7777777777 (or rounded up $7,777.78) and isn't that amazing.
The Hebrew word for seven occurs a total of 392 times in the Bible.(1) This is not only a multiple of seven but of seven times seven, 392 = 8 x 7 x 7. 392 is also remarkable for being the sum of the square of seven and the cube of seven, ie. 392 = (7 x 7) + (7 x 7 x 7) or 392 = 72 + 73.
I accepted the amount as a final confirmation that this was the right thing to do with God's blessing. As of 12/31/2013 my original house loan will be paid off. I will still have a house renovation loan but I will be able to divert the payments that I was making on my main loan to that loan and retire it earlier than anticipated. I have been in my house for 5 years and with this change and if I diligently divert the payments then my house will be paid off at the end of the 7th year.
My house is not perfect. But it will be mine and I will be debt free. Praise be to God and the favor that he has bestowed upon me!