Some of the objections we’ve encountered regarding Scripture and debt is that (some say) Christians no longer need to follow the laws of the Old Testament. Now, there are teachings in the New Testament on debt and a specific command to “owe no man any thing.”(Romans 13:8). Yet, there are many more commands, teachings, and examples found in the Old Testament. Should Christians ignore those, or are we required to obey the law? For clarification, I’m not talking about obeying the law for justification. We are saved through repentance and faith in Jesus Christ alone: “Man is justified by faith without the deeds of the law. ” (Romans 3:28) What are Christians to do today with the commands of God in the Old Testament? Here are teachings from Henry, Gill and Spurgeon which I hope will help you, not only with the debt issue, but Christian living in general:

“Do we then make void the law through faith? God forbid: yea, we establish the law.” (Romans 3:31)

“Rom 3:31 – Do we then make void the law through faith?…. Which question is answered by way of detestatation, God forbid! and by asserting the contrary, yea, we establish the law. The law is not made void, neither by the grace nor doctrine of faith: not by the grace of faith; for that faith is not right which is not attended with works of righteousness; and those works are not right which do not flow from filth. Such a connection there is between faith and works; and so much do the one depend upon the other. Moreover, none but believers are capable of performing good works aright, and they do them, and they ought to do them: besides, faith, as a grace, looks to Christ, as the end of the law for righteousness, and therefore do not make it void. Nor is it made void by the doctrine of faith, and by the particular doctrine of a sinner’s justification by faith in Christ’s righteousness, which is here more especially intended; for though it is made void by it, as to any use of it for justification by the deeds thereof; yet its use in other respects is not set aside, such as to inform us of the mind and will of God, to discover and convince of sin, to show believers their deformity and imperfection, to render Christ and his righteousness more valuable, and to be a rule of walk and conversation to them; and it still remains a cursing and condemning law to Christless sinners, though justified ones are delivered from it as such: yea, the law is so far from being made void, that it is established by this doctrine; for by it the perpetuity of it is asserted, the spirituality of it is acknowledged, the perfect righteousness of it is secured: according to this doctrine all its demands are answered; whatever it requires it has, such as holiness of nature, perfect obedience to its precepts, and its full penalty borne: it is placed in the best hands, where it will ever remain; and a regard to it is enforced under the best influence, by the best of motives, and from the best of principles. It is indeed abolished as a covenant of works, and in this sense is made void to believers; and it is done away as to the form of administration of it by Moses; and it is destroyed as a yoke of bondage; and the people of God are free from the malediction of it, and condemnation by it, and so from its terror; yet it remains unalterable and unchangeable in the hands of Christ; the matter of it is always the same, and ever obligatory on believers, who, though they are freed from the curse of it, are not exempted from obedience to it: wherefore the law is not made void, so as to be destroyed and abolished in every sense, or to be rendered idle, inactive, useless, and insignificant; but, on the contrary, is made to stand, is placed on a sure basis and firm foundation, as the words used signify.” John Gill Commentaries

Here is another commentary on the issue:
“He obviates an objection (Rom_3:31), as if this doctrine did nullify the law, which they knew came from God: “No,” says he, “though we do say that the law will not justify us, yet we do not therefore say that it was given in vain, or is of no use to us; no, we establish the right use of the law, and secure its standing, by fixing it on the right basis. The law is still of use to convince us of what is past, and to direct us for the future; though we cannot be saved by it as a covenant, yet we own it, and submit to it, as a rule in the hand of the Mediator, subordinate to the law of grace; and so are so far from overthrowing that we establish the law.” Let those consider this who deny the obligation of the moral law on believers.” Matthew Henry Commentaries

Finally, here is Spurgeon’s devotion on this verse:

“When the believer is adopted into the Lord’s family, his relationship to old Adam and the law ceases at once; but then he is under a new rule, and a new covenant. Believer, you are God’s child; it is your first duty to obey your heavenly Father. A servile spirit you have nothing to do with: you are not a slave, but a child; and now, inasmuch as you are a beloved child, you are bound to obey your Father’s faintest wish, the least intimation of his will. Does he bid you fulfil a sacred ordinance? It is at your peril that you neglect it, for you will be disobeying your Father. Does he command you to seek the image of Jesus? Is it not your joy to do so? Does Jesus tell you, “Be ye perfect, even as your Father which is in heaven is perfect”? Then not because the law commands, but because your Saviour enjoins, you will labour to be perfect in holiness. Does he bid his saints love one another? Do it, not because the law says, “Love thy neighbour,” but because Jesus says, “If ye love me, keep my commandments;” and this is the commandment that he has given unto you, “that ye love one another.” Are you told to distribute to the poor? Do it, not because charity is a burden which you dare not shirk, but because Jesus teaches, “Give to him that asketh of thee.” Does the Word say, “Love God with all your heart”? Look at the commandment and reply, “Ah! commandment, Christ hath fulfilled thee already-I have no need, therefore, to fulfil thee for my salvation, but I rejoice to yield obedience to thee because God is my Father now and he has a claim upon me, which I would not dispute.” May the Holy Ghost make your heart obedient to the constraining power of Christ’s love, that your prayer may be, “Make me to go in the path of thy commandments; for therein do I delight.’ Grace is the mother and nurse of holiness, and not the apologist of sin.” Charles Spurgeon