19 "Do not store up for yourselves treasures on earth, where moths and vermin destroy, and where thieves break in and steal. 20 But store up for yourselves treasures in heaven, where moths and vermin do not destroy, and where thieves do not break in and steal. 21 For where your treasure is, there your heart will be also."
I've always been taught that it is good practice to pay off your debt as quickly as possible. For mortgages, there is usually a minimum payment you have to pay (which includes principal and escrow), but you can always pay more towards the principal every month. While it is always good to pay off debt, I always wonder, "If I spend all my extra money on the payment, pay off the mortgage, but only to die the next day.... I can't take my physical house with me."
Where am I storing my treasures in this case? It looks like I'm spending my extra money on a house payment when I could be spending it on humanitarian needs. My money spent on missions, or the church, or local ministries, or a friend in need will carry more weight than trying to pay off a debt. By doing so, at least for me, I'm storing up treasures in heaven, in seeing that people are treated like people with respect and dignity, and that goes a long ways than trying to pay off a house.
So, I'm not saying don't pay off your debt. If you have debt, and can only afford so much, please make sure you make those payments first. God doesn't want us to be a slave to debt (Proverbs 22:7). But for those who make quite a bit of money, and are making the minimum payment for mortgage (or what have you) and have a bit of extra to spend, by all means, try to find ways to pay it forward and help others in need.
The concepts of money and finances are different in each culture, and I'm certainly speaking from the American experience. So, make decisions wisely based on your government laws and your cultural situations.
