What if? Nobody had any debt.

Or maybe just a world where nobody charges interest.
Isn't that Muslim law?
Imagine a world where you save money to buy expensive items.
How long would it take to save up for a house?
You could still sell shares so business could raise money selling shares.
A seller could still have an installment plan as long as there is no interest.

It might be a more peaceful economy.
Our tendency to overleverage causes periodic catastrophe.

Alternatively,
Regulations should be imposed to help people avoid overleverage.