[GSlob]

"Why not go back to slavery. It makes good economic sense doesn't it?"
Well, debt slavery surely makes more sense than debtors' prisons (the debtor would not be merely consuming food rations but will be earning them). But the basic point is that the sense of personal responsibility (financial and otherwise) is to be flogged back into those deficient in it. And the exact nature of the punishment or threat needed to accomplish this purpose is of secondary importance; what is most important is its severity - and thus the motivational and behavior modifying power.

[blackbart.223]

Don't misunderstand here. If you take on debt you are obligated to repay it. Credit card companys make loans too easy and have to shoulder some resonsibilty in the matter. But the people who rack up the debt are also as responsible.