For very much of the world, the material goods of people do define their real human condition. They don't have very much stuff and life is hard, dangerous and a struggle. I think what you actually mean is that you don't like rich people accumulating things and creating similar desires in who are not rich. If the goal is to reduce the "must accumulate" mindset, then you need to think about how to change peoples values. Wiping out debt is interesting and could be useful as a tool, but just as easily will work against you. Wiping out Jared Kushner's billion dollar debt on 666 Broadway (or whatever the address actually is) only make it easier for him to be richer. Rich people would certainly benefit from having no debt and getting to keep what they bought on credit. Poor people too. Debt elimination would certainly work against banks, CUs, owner financed home sellers and folks who depend upon government bonds for income.