"Let no debt remain outstanding"; this verse clearly states that Christians have the responsibility to live a financially stable and debt free life. "Except the continuing debt to love one another, for he who loves his fellow man has fulfilled the law", and that the only thing we should owe to one another is love.
Debt itself may not be a sin nor does it state that anywhere in the bible. However, it does warn against the problems that are associated with why and how people get into debt in the first place. There are many cautions about debt becoming a source of conflict and the complications thereof. For example, debt can become a problem if the source of the need is envy from a neighbor's possessions or even greed. The bible teaches us in 1 Timothy 6:10: "10 For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many grieves." This passage clearly shows us to live within our means. It is very easy to want a bigger house or a nice car and when we start coveting what others have and why we don't have the same, trouble begins.
Let us take a look at another bible passage found in Hebrews 13:5 It states that: "5 Keep your lives free from the love of money and be content with what you have, because God has said, 'Never will I leave you; never will I forsake you.'" This is another verse that clearly indicates that the cause of most debt is oftentimes from envy of the possessions of others, the love of wealth, and a lack of faith in God providing for our needs.
When we owe money, we are also obligated to repay it. In Romans 13:7, Christian should: "7 Give everyone what you owe him: If you owe taxes, pay taxes; if revenue, then revenue; if respect, then respect; if honor, then honor". We may not always be able to avoid getting into debt but the bible does teach us that our debt should be a temporary state of affairs.
Our last bible verse found in Deuteronomy 15: 1 reads: "1 At the end of every seven years you must cancel debts. This means we should actively find a way to resolve our debt so that we may have a clean slate, free of owing money to others and having others owe us." Debt may not necessarily be a sin in itself but the causes of debt; the reckless borrowing of money can lead to sinful actions. Christian is to make every effort to live responsibly and within our budgets.