An Abolitionist Approach To Debt
When individuals cannot meet their basic needs without turning to debt, they face threats to their human dignity. Survival debt — debt that individuals incur to survive and live a life with dignity — is inherently intimidating and degrading.
A person does not have the freedom to obtain a standard of living consistent with human dignity if the only means of acquiring housing, transportation, food, medical care or an education is to incur debt. Many indebted households can barely survive, much less vivir sabroso. Those who incur debt to meet basic needs must work, despite knowing that the fruits of their labor will be diverted to repay debt — while they still struggle just to meet basic needs, let alone accumulate the necessary resources to weather future emergencies or to build savings for retirement.