In what other ways should I be cautious regarding debt?

Proverbs 22:7Just as the rich rule the poor, so the borrower is servant to the lender.

Debt can cause you to be “owned” by those to whom you owe.

Psalm 37:21The wicked borrow and never repay, but the godly are generous givers.

To owe and purposefully not pay is wrong; to give generously pleases God.

Romans 13:7-8Give to everyone what you owe them: Pay your taxes and government fees to those who collect them, and give respect and honor to those who are in authority. Owe nothing to anyone—except for your obligation to love one another.

Pay your debts in a timely manner because it is important to honor your commitments. This isn’t saying it is wrong to have a home mortgage or car payments, but that when payments are due you must pay them on time. Owing money to someone else is a responsibility not to be taken lightly.