These are some Scriptures which have convinced me that I should not have any debt (or a mortgage, which is also a debt). If we diligently heed God's commandments, we will be blessed:
And it shall come to pass,
if thou shalt hearken diligently unto the voice of the LORD thy God,
to observe and to do all his commandments which I command thee this day,
that the LORD thy God will set thee on high above all nations of the earth:
Being convicted by the Holy Spirit through the Scriptures, I purposed in my heart to get completely out of debt. I sold as many things as I could sell: my motorcycle, TV, couch, etc., and moved into the cheapest apartment I could find (which turned out to be 8ft by 12ft, just 2 feet longer than a prison cell). It took me about a year and a half to pay off about $45k worth of debt.
I am debt-free now, and it is as if a burden has been lifted off of me. My finances cause me no stress whatsoever (even though I make relatively little money).
Here are some of the verses that convinced me that I should not have any debt:
Render therefore to all their dues:
tribute to whom tribute is due;
custom to whom custom; fear to whom fear; honour to whom honour.
Owe no man any thing, but to love one another:
for he that loveth another hath fulfilled the law.
From the following verse, it appears that the lender becomes the borrowers master. This is also clearly evident in the Old Testament; when someone owed someone else money, they became their slave for seven years.
The rich ruleth over the poor,
and the borrower is servant to the lender.
And we are instructed not to become servants of men:
Ye are bought with a price;
be not ye the servants of men.
I Corinthians 7:23
And from the following verse, it appears that we cannot serve two masters. In my case, when I tried to serve God while having debt, I began to despise the lender more and more. Moreover, since I have become debt-free, God has opened up many doors for me to serve Him.
No man can serve two masters:
for either he will hate the one, and love the other;
or else he will hold to the one, and despise the other.
Ye cannot serve God and mammon.
And the result of heeding His commandments are given in Deuteronomy 28:12:
The LORD shall open unto thee his good treasure,
the heaven to give the rain unto thy land in his season,
and to bless all the work of thine hand:
and thou shalt lend unto many nations,
and thou shalt not borrow.