Scripture is clear that debts should be released every seven years.
The Old Testament speaks of a release of debts to take place every seven years:
1 At the end of every aseven years thou shalt make a brelease.
2 And this is the manner of the arelease: Every creditor that lendeth ought unto his neighbour shall release it; he shall not exact it of his neighbour, or of his brother; because it is called the Lord’s release.
Deuteronomy 15:1-2 (King James Version couretsy of lds.org).
This seems to me like a clear mandate to release debts. Subsequent verses talk about an exception for debts owed by foreigners, prohibitions on borrowing and a requirement of giving to the needy. The message is clear that debts shall be released.
