Does the Bible say anything about going into monetary debt?

from the old testament

• God instructed the Israelites not to charge interest when making a loan to a fellow Israelite who was poor (Leviticus 25:35–38). This law put the lender in a position to extend some of the same type of generosity God extended to the Israelites.
• On the other hand, God did allow the Israelites to receive back a fair interest rate on loaned money from a stranger (Deuteronomy 23:20).
• Psalm 37:21 says, "The wicked borrows but does not pay back, but the righteous is generous and gives." We can apply this Proverb to our own life, taking care to pay back to our debtors what we owe them but also giving generously to others.
• Debt can become a form of slavery, which is a reason it is best to avoid it if possible.
• Proverbs 22:7 warns, "The rich rules over the poor, and the borrower is the slave of the lender."

from the new testament

• We should respond to God's forgiveness, grace, and mercy by being forgiving, gracious, merciful, and generous with others (Matthew 18:23–35).
• While the point of the Parable of the Talents is not about financial investments, Jesus seems to imply that there is nothing wrong with investing money into a bank in which interest can accumulate over time, since in His parable, this is what the wicked servant should have done with his Master’s money (Matthew 25:27).
• Romans 13:6–7 tells us we are to respect authority and give what we owe to them (e.g., taxes) Anyone who takes on debt should plan to repay it, and to do so in a timely manner.
• Romans 13:8 says, "Owe no one anything, except to love each other, for the one who loves another has fulfilled the law." We should avoid accumulating outstanding financial debt if possible, but to continuously “owe” love to our brothers and sisters in Christ.
• God provides us an escape of sorts from the slavery of sin and a promised future with Him. He does not charge us "interest" on this, but offers salvation and life to us freely (Ephesians 2:8-10).
• It is best to avoid debt if at all possible. But, again, the Bible does not prohibit borrowing money. We should ask God for wisdom on the matter (James 1:5).

implications for today

The Bible has much to say about how to handle our money. We should strive to live debt-free if possible, but this is not always an option. If we do borrow from someone, we should repay that debt. On the other hand, if we choose to lend money or other goods to someone, it is an opportunity to extend Christ-like love, patience, and generosity to the person who is in debt to us. The law in Leviticus 25:35–38 helped poor people to climb out of poverty without humiliation or making their debt hole deeper. Although the lender would lose money and the interest that might have gained, he was to make this sacrifice for the benefit of another and out of grateful understanding for the deliverance God freely gave him. The loan was intended to help the poor—-not as a means of financial gain for the lender. Taking into consideration God’s extravagant generosity to us, we can take after the Israelites’ example and be generous with those who owe us—-remembering God’s goodness and faithfulness to us.