The Mosaic law encouraged the practice of lending (Deuteronomy 15:7; Psalms 37:26; Matthew 5:42); but it forbade the exaction of interest except from foreigners. Usury was strongly condemned (Proverbs 28:8; Ezekiel 18:8,13,17; 22:12; Psalms 15:5). On the Sabbatical year all pecuniary obligations were cancelled (Deuteronomy 15:1-11). These regulations prevented the accumulation of debt.
These dictionary topics are from M.G. Easton M.A., D.D., Illustrated Bible Dictionary, Third Edition, published by Thomas Nelson, 1897. Public Domain, copy freely.
Easton, Matthew George. "Entry for 'Debt'". "Easton's Bible Dictionary".