Credit is just the continuous version of slavery. There's little difference between a literal slave and someone deep in debt with creditors forcibly confiscating their income. Unfortunately the market rewards those who use credit, which encourages a society based on debt rather than one based on widespread assets.

However, this does not mean that credit should or can be prohibited via edict. What will happen is that over time communications technology/market efficiency will progress to the point that anonymous transactions will (once again) make economic sense.

When it once again becomes feasible to transact your life using money (instead of the current identity based "point" system), it will make sense for people to liquidate all sources of credit and laugh as the creditors are unable to collect. When this catches on, the credit system will crumble.

edit: cool - mass downmods for an idea that doesn't mesh with the groupthink du jour. didn't know one had to pay karma to hopefully start a discussion.