Debt jubilee

Imagine you lent your brother some money and he promised to pay you back, but he couldn't because he lost his job. Now he owes you a lot of money and you can't get it back. This is like debt. Sometimes, people borrow money but they can't pay it back because they have problems like losing their job, getting sick, or having other emergency expenses. When they can't pay their debts, it becomes a problem for both the borrower and the lender.

A debt jubilee happens when the government or another organization decides that everyone who owes money is forgiven their debt. This means that all the debt is wiped away, like magic. It's like a giant reset button for everyone who owes money.

Some people think that a debt jubilee is a good way to help people who are struggling with debt. It could help them start over and get on a better financial path. However, others are worried that it could cause problems because people might stop paying their debts if they think they'll be forgiven later.

Overall, a debt jubilee is a big decision that has both advantages and disadvantages. It can be a good solution for some people, but it's important to think carefully about how it might affect everyone involved.