Historical Background
Further information: ShmitaThe Torah mandates a Sabbatical year, known as Shmita, every seventh year. Among other things, the departure of the year cancels all debts. This is one of the many laws in the Torah meant to protect the poor and disadvantaged, affording them a chance to escape from eternal debt.
Conversely, the law harmed the lenders who would never be reimbursed once the Sabbatical year ended to remit all debts. The wealthy refused to loan money during the latter years of the seven-year cycle, refusing the poor even a temporary opportunity to make ends meet.
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