It's not that simple. Our whole economy is built on trust. Credit is a materialization of said trust. If no one trusted anyone (would you really trust a company if they suddenly lost all of your financial data?) our whole economy would grind to a halt, making sustainable growth impossible. This in turn would harm our society (mostly poor people) since no one can really stop humans from breeding (and in turn needing more resources to keep living with the same luxuries as of today).