[Toddsterpatriot]

Not fatal on an individual basis. Getting out of debt on an individual basis is the best financial decision one can make.

Excellent!

If everyone did that though, the economy would grind to a halt.

What makes you think everyone can or wants to pay off all their debt?

[Fingolfin]

What makes you think everyone can or wants to pay off all their debt?

They might not be able to or want to, but that doesn't mean we should base our monetary system on debt. This is because we all ride the economic roller-coaster caused by debt-money, and we all have to pay the taxes on the debt the government runs up for our "benefit".