You're still buying debt, someone needs to owe. You can't bash people going into debt if you want to be able to save money. If no one is issuing new debt, interest rates would fall even further than they currently are. The system requires balance, and the inflation rate is what the central banks rightly use as their measure of debt creation. Right now we have a lot of people saving money instead of spending it and fewer people willing to go into debt, the result is that interest rates have fallen. In this circumstance the central banks have to keep rates low to avoid the defaulting problem due to insufficient money creation.