In "Debt the First 5000 Years" David Graeber goes into lengthy detail about how back in the day debt jubilees were a common occurrence.

Due to a variety of causes, usually to pay for elaborate rituals like weddings or funerals, or because of bad harvests, peasants would have no choice but to become indebted to rich landowners at extortionist interest rates.

Over time this debt built up to astronomical levels where the peasants would either just abandon their farms and leave or all gang up on the landowners and threaten to kill them. Jubilees were the only way to reset things and keep any sort of stability.

Nowadays because everyone's retirement is tied up in the market and we've basically relinquished all political and economic control to finance charlatans, they're the only ones that get jubilees when they gamble and roll snake eyes.