I believe the Holy Scriptures give us a guide on how to carry ourselves when it comes to our debt obligations.

Romans 13:8
Owe no man but to love them.
I believe based on scripture it is our stewardship responsibility to pay our debts and to owe no man but to love them according to the Apostle Paul. The United States of America's banking system, businesses, and consumer credit practices are not exactly biblically based, but for those of us that subscribe to a biblical worldview, our barometer on all things is the Bible. In Proverbs 22:7 it states:
 
Proverbs 22:7
7 The rich ruleth over the poor, and the borrower is a servant to the lender.