Turns out, it’s a time-honored tradition that started about 4,000 years ago with the ancient Babylonians. Beginning with a 12-day religious festival (are we seeing a modern equivalent here?) called Akitu, the Babylonians crowned a new king or re-upped their devotion to the sitting ruler. At this time they also pledged to pay debts and return borrowed goods to keep in good standing with their gods. – Fast Company