A debt jubilee makes perfect sense when you've got Judean levels of production and equality where no one but royalty owns anything of consequence. Jubilees had the effect of minimizing the growth of any middle class because the king could just up and decide that all of your business transactions were now null and void, sucks to be you. You'll note that nobody talking about debt jubilees ever talks about how "debts" are pretty much "the bond market" and "social security" these days or about the fact that debt jubilees never coincided with freeing slaves. If you want to know what a modern day debt jubilee looks like, just ask Mitch McConnell: it looks like giving $50b to the airline industry, who spent their past $46b buying their own stock.
Debt is an absolute monster that needs to be slayed, yes, but there should be something in it for people who have worked hard year in and year out and have made significant lifestyle choices to stay debt free. People who either couldn't or chose not to go to school, not to take out mortgages, take out car loans, etc. people who either by choice or by force of circumstances have ultimately lived within their means. Debt is often a luxury, after all, so debt forgiveness would be a social move that would once again favor the more well off.