Although individuals, churches, and businesses can over leverage themselves and fall into bankruptcy, debt is not wrong, or unscriptural, as long as it's manageable.
Let's take a look at that section of Scripture from which you are quoting.
Let every soul be subject to the governing authorities. For there is no authority except from God, and the authorities that exist are appointed by God.We are being told in these verses not to owe government officials anything. We are to give them the honor, customs, taxes, and respect they deserve.
Therefore whoever resists the authority resists the ordinance of God, and those who resist will bring judgment on themselves. 3 For rulers are not a terror to good works, but to evil. Do you want to be unafraid of the authority? Do what is good, and you will have praise from the same.
For he is God's minister to you for good. But if you do evil, be afraid; for he does not bear the sword in vain; for he is God's minister, an avenger to execute wrath on him who practices evil. Therefore you must be subject, not only because of wrath but also for conscience' sake.
For because of this you also pay taxes, for they are God's ministers attending continually to this very thing. Render therefore to all their due: taxes to whom taxes are due, customs to whom customs, fear to whom fear, honor to whom honor. Owe no one anything except to love one another, for he who loves another has fulfilled the law.
(Rom. 13:1-8)
However, it is always better to have no debt, and it is good for us to strive for that position in life.
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