What is the ruling on borrowing from a bank with 7% interest to pay off a debt that could not be settled on time due to financial circumstances?

It is impermissible to take out usurious loans except in cases of dire necessity that cannot be averted otherwise. Paying off due debts does not constitute a necessity that permits this, because Allah has obligated the creditor to grant respite to the one in hardship or to charity towards him. Allah has warned against usury and declared it a war from Him and His Messenger.