We still need a miracle to pay some of our debts, but the scene is considerably different. It is not advisable to enter into an unsecured loan arrangement. Borrowing, if done at all, should be associated with collateral that exceeds in value the amount of the loan. With such a pledge, in my opinion, it is legitimate to become a borrower.
Some may feel Romans 13:8 relates to this matter, but it has nothing to do with lending and borrowing. The whole theme of Romans is justification by faith and not by works of the Law.
The first four of the Ten Commandments have to do with man’s relationship with God. The last six deal with man’s relationship with man. Jesus acknowledged this dual relationship (Matthew 22:37—40). In this demonstration of love toward God and our neighbor the Law is fulfilled according to verse 40. In fact, love will compel us to fulfill all our obligations to our neighbors whether financial or otherwise. Paul was not speaking to the matter of financial transactions but rather to justification. Justification comes by faith, is demonstrated by love, and more than satisfies the Law’s requirements.
I do not perceive lending and borrowing in the light of absolutes–right and wrong. Foolish borrowing and failure to repay certainly should be warned against. However, careful borrowing with sufficient collateral does not warrant scriptural prohibition.
As a matter of practicality, it may be better to arrange long-term financing of a church building project and get it done quickly than to stretch a program over many years, maintaining a state of incompleteness. Such programs can produce weariness and frustration that are more debilitating than debt and financial encumbrance upon a material asset. To be able to turn away from material and physical involvement and become involved in the spiritual outreach ministries of the church may indeed enhance growth.
My advice is always to pay cash as far as possible. Then careful, responsible borrowing and maintenance of the financial obligation are legitimate. I find no scriptural prohibition to such.
Each of us is inextricably bound by debt. We have not yet reached utopia and must continue to pray, "Thy Kingdom come."