“Default, and eventual cancellation of the debt is the only way forward.”
Wow. There are few people on this forum I would take seriously saying such a thing. But you are one of them.
I have a hard time imagining how that would work in any positive manner, but perhaps in contrast to the alternative of letting it go until there are few options available.
The Bible and other historical records suggest that giving lenders too much power over borrowers results in the enslavement of the latter by the former.
This is why usury is a sin, and used to be a crime.
I went to medical school for $1600 in 1972, and NY State paid half.
My daughter who is applying this year is looking at $90,000/year, but - wait for it - no problem, just borrow the money.
We have already let it go until there are few options available.
The best of the limited options is Jubilee, followed by restoration of sound money.
And, before everyone piles in with "Justice demands that millions lose their homes, because what would we do without Blackrock and Vanguard?" - just hope that the richest usurers have their bags packed, because this is going to end the way it always does, and there is nothing new under the sun.