Imagine what would have happened if there is no debt

If the world turned out to be the one of selling things without credit that is, all market bought my be paid immediately, what do you thing would happen to is all. 

I'm pretty sure that no one is free of buying without credit. Everyone is one way or the other owing debt. If the world turned out to the one that will not accept debt, do you think many of us will live happily on the planet Earth? To me, I don't think so. Nigeria as a country is owing debt not even talking of us the dwellers and citizens. 

So, I want you to answer the question in the comment section. What do you think will happen if the world do not accept debt?