"Thou shalt not covet ..."
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For the LORD thy God blesseth thee, as he promised thee: and thou shalt lend unto many nations, but thou shalt not borrow; and thou shalt reign over many nations, but they shall not reign over thee. {Deuteronomy 15:6}
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Borrowing stems from coveting something God did not give. Instead of relying on God to provide, the reliance is on the world (banks, financial institutions, & people) to provide.
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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. {Deuteronomy 28:12}
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“Shun the incurring of debt as you would shun leprosy.” “Owe no man anything.” {GCDB February 17, 1899}
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"Be determined never to incur another debt. Deny yourself a thousand things rather than run in debt. This has been the curse of your life, getting into debt. Avoid it as you would the smallpox." {CS 257.1}
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The rich ruleth over the poor, and the borrower is servant to the lender. {Proverbs 22:7}​
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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. {Matthew 6:24}
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You cannot serve God when you are serving the world. Being in debt is serving mammon.
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For from the least of them even unto the greatest of them every one is given to covetousness; and from the prophet even unto the priest every one dealeth falsely. {Jeremiah 6:13}
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Desiring things that God did not give is covetousness.
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If any man will do his will, he shall know of the doctrine, whether it be of God, or whether I speak of myself.{​John 7:17}
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Being in debt prevents one from knowing true doctrine. An unrepentant murderer, thief, liar, cheater, will not receive the latter rain, neither will a servant to the world.
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Ye adulterers and adulteresses, know ye not that the friendship of the world is enmity with God? whosoever therefore will be a friend of the world is the enemy of God. {James 4:4}​