OP, what kind of debt are you specifying on? Is it debt for business, debt for pleasure, or bills to pay back?

If it is business debt, I can validate your hypothesis that business debt can make someone hustle harder than being lazy to pay off their debts.

Someone can't be in debt in their business and start lazing about in it, without trying their best to make sure they settle their debt.

Every successful businessman or woman has debts to pay. That debt owed serves as a motivating factor for them because if there's no debt owed, it won't give them the courage to hustle more in their business to make quick profits returns in their business.