It also creates involuntary prisons for many, many people.
in 2017, Debt isn't a lifestyle choice for a lot of people, they are not clocking it up to buy the latest Iphone or Armani Jeans, its the only way they can live or support their family - at least here in the UK.
The UK had the least/lowest amount of Employment Rights in the whole of the EU, we looked Alien compared to the rest of the Union.
Since seizing power in the 2010 Election, the current parcel of fools have lowered them even further, because, apparantly, despite already having the least Rights, we still were not competitive enough.
This is a wealthy, Western European Nation State, yet every town and city has multiple food banks, because people are literally starving to death. A woman was so hungry last year that she was given a Custodial Sentence for stealing a 50 pence Mars Bar. The Magistrate, bless his cotton socks, was so divorced from the reality faced by many people in the Home Nations, from the people he was supposed to sit in judgement over, that he refused to believe someone could have no money or food, and thus be starving.
A married couple in another situation had their charges dismissed by a Judge who was actually a bit more aware of the real world. Their great, civilisation toppling Crime? They took out of date food from a rubbish Bin outside of a supermarket that was going to landfill.
The biggest Evil is what is called a "Zero hours Contract" if your, for example a parent who's partner is in full time employment, and you want to fill in some spare time, get a bit of extra cash, they are great contracts. For single people who need to work full time, they are horrific, and are abused dreadfully by employers, and have put hundreds of thousands of people into massive debt, seen them evicted from their homes.
It is near impossible to live without getting into debt, unless you have a great, well paid stable job. If your having to stack up debt, just to live, to feed yourself, your kids, to keep a roof over your/their heads, that's not a voluntary prison, and its not the fault of the individual, it is absolutely the fault, and failure of the State, to do the only thing a State should exist for - to protect its citizens, whether from foreign invasion, or their health after injury in a serious accident, or discovering they have Cancer.
We have a lot of deluded old buzzards here in the UK who ramble on about how when they were young in the 50's and 60's and 70's they never needed credit, they didn't have debts (they generally conveniently forget the Mortgages they took out - the biggest debt a person can rack up)
And they also forget, that in those halcyon days, jobs were plenty, jobs were stable, if you lost one, you moved into another, and they had rights, probably a fair few more than we have now. They didn't have debts because they didnt need it to survive, they worked an honest days work, got an honest days pay. That is no longer reality for most people.
This country has spent years encouraging people, no matter how talented, or indeed, untalented to go to university, turning the universities into giant cash cows, whilst hugely devaluing the degrees they offer. Now their are thousands of people, hundreds of thousands, probably working minimum wage jobs on zero hours contracts saddled with £50,000+ university fee debts.
The whole thing these days, debt, credit is a giant con, based around pretend money, that people are forced to get into debt with, the money they have to take as debt may be fake, just digital entries on a computer, but the debts they have to repay, and the lives it is destroying are very real..