You're thinking too much in terms of modern debt. In ancient (and not-so-ancient) times, the ordinary peasant always owed something to the landowner/sovereign f

You're thinking too much in terms of modern debt. In ancient (and not-so-ancient) times, the ordinary peasant always owed something to the landowner/sovereign for the privilege of dwelling on their land. Sometimes, that debt would be higher than what could reasonably be paid back and so the debt would accumulate. In other words, they'd rig the game from the start and then loosen the thumbscrews along the way.