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In my opinion, verse 7 defines the context for this entire psalm.
Psalms 112:7 HCSB He will not fear bad news; his heart is confident, trusting in the LORD.
“His heart is fixed,” or prepared, ready, and in arms for all services; resolved not to give back, able to meet all adventures, and stand its ground. God is unchangeable; and therefore faith is invincible, for it sets the heart on him; fastens it there on the rock of eternity; then let winds blow and storms arise, it cares not.”
Robert Leighton
“The good man will not be alarmed by any report of danger, whilst the dishonest man, conscious of his wickedness, is always in a state of fear.”
George Phillips
It is typical for the psalms of wisdom (and Proverbs as well) to compare the results of the good man to the results of the evil man. It is a black and white contrast that simplifies the built-in consequences God has defined in His world. The first half of this psalm outlines the prosperity of a righteous person. In contrast, Psalm 109 details for us the destiny of the wicked. However, we all know that life is often not this simple. Sometimes, like Job, a righteous person suffers an onslaught of horrific trials.
This is why verse 7 is so critical to this psalm.
The reason why a faithful follower of Jesus can have joy in any situation is because of the trust that individual has in God’s strength. We get a perfect illustration of this by comparing David to Saul. David faced treacherous circumstances many times in his life, but He continually sought God with his whole heart. Saul lived in fear which caused him to make decisions in his flesh and even consult a witch toward the end of his life. David clung to the rock of his foundation. Saul was tossed by the waves.
Sometimes it is so difficult to cling to the promises we can’t see when the storm continues to demolish us. Verse 7 reminds us that we are not people who shrink back from suffering and persecution. We will not fear. We will not retreat. We will trust.