Money is created when debt is taken out. By repaying debt, the allowed maximum amount of loaned money (i.e. arbitrarily created money) is reduced. If all debts

Money is created when debt is taken out. By repaying debt, the allowed maximum amount of loaned money (i.e. arbitrarily created money) is reduced. If all debts everywhere were repaid, all money would stop existing. Therefore, if you give your money to people who use it to pay off their loans, you effectively do the same thing as having it "deleted". The other question, of course, is how to keep those people from taking on new debt now that they have some breathing room.