Bismillahir Rahmaanir Raheem
By Hazrat Maulana Yunus Patel Saheb (Rahmatullahi ‘alayh)
Debts are such a burden that in a Masnoon Dua, Rasulullah (Sallallaahu ‘alayhi wasallam)
sought protection in Allah Ta’ala from Kufr and debt.
"O Allah, I seek refuge with You from Kufr and debt."
One can gauge on what level debts are placed, mentioned alongside Kufr. There are various other Ahaadeeth that clearly signify the seriousness and gravity of incurring debts. ...Of course, if a debt is an interest-bearing loan and interest payments are being made, then this is Haraam (forbidden) and a major sin.
There are many who take unnecessary loans and fall into debt. To do so is to shackle oneself. A debt should only be assumed out of genuine necessity – and not as many do, to purchase all kinds of luxuries and live beyond their means.
Sometimes the person becomes lax in the matter of paying off his debts and delays payment. Even though Allah Ta’ala gives sufficient to pay off quickly, and sometimes Allah Ta’ala provides so that the person can pay the full amount at once, the person procrastinates. It is a weighty and grievous sin to delay payment of a debt when the time arrives for its payment.
Rasulullah (Sallallaahu ‘alayhi wasallam) said: “Delay in repaying debts by a wealthy person is oppression.”
The person who intends to pay off his debt and he makes a sincere effort to do so, will be assisted by Allah Ta’ala. Nabi (Sallallaahu ‘alayhi wasallam) said: “The one who takes people’s wealth intending to pay it back, Allah will pay it back for him, and the one who takes it intending to destroy it, Allah will destroy him.”
The following Dua was taught by Rasulullah (Sallallaahu ‘alayhi wasallam) to a Sahabi (RA) who was entangled in debts. With the Barakah (blessings) of this Dua, Allah Ta’ala settled his debt.
'O Allah! I seek refuge in You from worry and grief, and I seek refuge in You from helplessness and laziness, and I seek refuge in You from cowardice and miserliness, and I seek refuge in You from overpowering debts and from the subjection of man.
A person, in debt, should also read this Dua; morning and evening. Insha-Allah, his worries will be removed and his debt, settled.