Definition: In the Bible, "Amortization" refers to the repayment of debts or obligations through continued reliance on a person's income or assets rather than payment at maturity. This approach helps in reducing the amount owed over time. For instance, one might borrow money but pay back interest over several years to avoid paying more upfront. The word originates from Latin "amortis," which means "to carry" or "to bear." In biblical context, it's often used with phrases like "paying off the debt," implying a long-term repayment plan rather than quick cash flow.
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