Isn't it the case that the successful, the wealthy, owe a debt.

成功人士和有钱人欠社会的，是这样的吗。

耶鲁公开课 - 公正课程节选

In America, Britain and elsewhere, these treat student debt as a special case: unlike other forms of debt, it cannot be wiped out.

ECONOMIST: Student loans

Even on the best-case scenario debt will only fall to 120% of GDP by 2020.

BBC: Europe after the euphoria

In that case the debt-like features of a convertible note are much less attractive for an investor than traditional equity.

FORBES: When Convertible Notes Make Sense For Consumer Companies