The implications of this debate cannot be overstated. Consider for a moment the sides involved in this debate over the debt. Some deny the debt exists. Others dejectedly assert that there is no way to pay the incredible debt. Frankly, some who suggest a solution to this debt crisis are misguided and even ignorant. May I suggest that there is a debt problem, it is solvable, but there is only one way to rid ourselves of it.
God informs us repeatedly of the debt. Through Solomon, He informs us, "Indeed, there is not a righteous man on earth who continually does good and does not sin" (Ecc. 7:20). More succinctly, David and Paul say, "There is none righteous, not even one" (Ps. 53:3; Rom. 3:10). Paul follows that up, saying, "all have sinned and fall short of the glory of God" (Rom. 3:23) and "all sinned" (Rom. 5:12). While the Bible does not explicitly call our sin problem a debt, the idea is firmly implied (see Lk. 11:4; Mt. 18:27ff; Col. 2:14). By sinning even once, we found ourselves in a debt we could not pay. The Bible says Jesus, offering Himself at the cross, gave His life a ransom for all (Mk. 10:45; 1 Tim. 2:6). He paid the debt!
Some deny a debt exists (1 Jn. 1:8,10). Some, filled with guilt, believe their debt is too large to be paid (Lk. 5:8; Heb. 2:15). So many offer "solutions" that do not suffice to eradicate the debt. Some plans are incomplete--stressing the essentially of grace and/or faith, but omitting repentance and baptism (cf. Ac. 2:38). Some plans are humanly devised and different from God's plan--sprinkling for immersion, babies instead of those who are mentally accountable, baptizing for the dead, a Holy Spirit-induced conversion rather than an operation of free will. Jesus is emphatic, saying there is only one way (Jn. 14:6). We are not talking about defaulting on loans. We are talking about an eternal destiny here. The New Testament is plain. There is one, heaven-authorized plan. Following that eradicates the debt! Debating that is futile and utterly counterproductive!