When I say that, I mean the debt due to interest isn't real.

If the pay-back of the loan isn't capped, eventually you end up paying back your loan indefinitely.

Effectively, you're paying someone for taking your payment. You've well passed the point of paying for the thing you wanted, maybe a dozen times over, but you're still paying the loaner for it. It means that it is entirely possible for a pack of gum to end up costing you as much as a mansion.

It's a farce. It's slavery. There is no good in it, and it's a completely one-sided transaction.

Debt has its place, but it isn't "real" because at a certain point you don't even remember what you went into debt for to begin with. You just pay the loaner who says you owe him something.

My solution would not be to affect interest at all, but to cap all loans such that you cannot demand someone pay you back double what you lent. A hard limit on debt means there would be no way to trap someone as your permanent debt slave.

Additionally, people would be more likely to pay back a loan promptly if they knew there was a limit on the loan. Instead of them just saying "I'll never pay it back anyway, so I'll just cover the interest until I die so they don't reposes stuff" they say "If I pay back the loan before X date, I end up owing 20% less than the total." It gives them a tangible goal to pursue in order to not end up owing the full amount. That would also keep the loaner happy, because they get their money back faster so they can lend more to others.

In summary, debt, as it is today, is a fantasy. The vast majority have no intent on paying it back before they die, so do they really owe that money at all?