Living within your means is a big part of our religion. Today, because of the ability to open many credit lines and also get into contracts (that eventually put many in debt), people increase their greed and want of more. Today, the average American hovers around 5K in credit card debt.
Allah (swt) mentions in the Qur’an, “So that it will not become a perpetual distribution [solely] among the rich from among you.” [al-Ḥashr (59): 7]
Prophet Muhammad ﷺ outlawed profiting [in the worldly sense] from loans by saying, “Profit is contingent upon liability (the possibility of loss).
In this episode of 40 Hadiths on Social Justice, Sh. Omar Suleiman provides a thorough look at the harms of usury or riba, to society and why it’s so strongly prohibited in Islam.