The writer of Hebrews, after quoting from Jeremiah’s announcement of the New Covenant that appears in Jeremiah 31, states, “In that he says, ‘A new covenant,’ he has made the first old. But that which is becoming old and grows aged is near to vanishing away” (Hebrews 8:13). Despite this, most Dispensationalists assert that the New Covenant has not yet come into effect and is not for Gentile believers anyway. Covenant Theologians hold that the New Covenant is merely a new administration of the Old Covenant and, thus, the Old Covenant has never really ended. Others, who don’t fall into either of these two camps, concede that believers are under the New Covenant, but maintain that what they call “the moral laws” of the Old Covenant still have authority over Christians. Who’s right? Does it matter? Can a wrong understanding of the covenants actually be harmful?