Yes, unless the debt is due now and you are able pay it off immediately. Long term debt like mortgages, car loans, and student loans have a monthly repayment schedule, so they are not currently due. If the current installment of a debt is due now, or if you have unpaid rent or bills that must be paid, they may be subtracted from your wealth in order to determine how much Zakāh you will pay. For example, Khalid’s father loaned him $200,000 to buy a house and he repays him $1,500 every month. He has monthly bills for home internet, cellular phone services, electricity, gas, and water which amount to $200. His monthly loan payment and personal bills were due at the end of his Zakāh cycle, so he may subtract the $1,700 that he is about to pay when calculating Zakāh.
[Shaykh] Mustafa Umar