It is an essential part of our economic system, debt cycles aren't the result of an individual's bad choices, it is simply how the system works. We maintain our standard of living precisely because we pay "debts" by taking out more "loans", we are living in a fantasy where theoretical wealth can be created from nothing other than baseless assumptions that the actual wealth will one day be generated. But this isn't something that can be fixed; in the same sense that we can't conceive of six dimensional space because we can't conceive outside of language's reference points. To conceive of higher dimensions would take a new system of thought, to not be stuck in a debt cycle would require an entirely new economic system.