The Holy Prophet of Islam (peace be upon him and his progeny) said:
"إيّاكُمْ وَ الْدَّيْنَ فَإنَّهُ هَمٌّ بِاللَيْلِ، وَ ذُلٌ بِالنَّهارِ!”
Avoid borrowing as far as you can, because it causes grief during the night and contempt during the day.1
The lure of the material life and competition to acquire luxuries in the present times has caused people to borrow more and more . Many are trapped in the vicious circle of higher debts and increasing repayments leading to more borrowings to finance repayments.
Since a person in debt is not a free man, we are instructed not to undertake debt other than for a dire necessity. Debt is even more dangerous at the country level. Highly indebted countries expose their citizens and future generations to severe economic hardships and to erosion of their freedom and spiritual independence.