What? The poor in developing countries have no cash. They're the ones in debt? They'll find it impossible to borrow any more; impossible to earn enough to survive. They'll go hungry, some will starve and die. Like always?
Also I don't think the debt being talked about is the debt of the poor...
The growth of a large middle class is usually what pushes countries out of this state. A middle classes grow, they demand political power to go with their economic power. This then puts a check on the excesses to either the mega-rich and extreme promises to the poor.