Given that the median household income in the US is $83k, I don’t think that losing $1k on a busted phone is likely to put many into “spiraling debt slavery”

Great, lets remove the option of refined sugar, alcohol, saturated fats, detached single family homes (due to it resulting in individual cars, the leading cause of injury and death, and expenses that leads to "debt slavery"), etc.

Also, no more leasing/renting cars, or really any kind of borrowing at all, as people should not have the option to become liable in the future, for anything. Because if a $1,000 to $2,000 lease puts them in a spiral of debt slavery, anything more than that surely will.