Largely correct. But there's are uses for a credit (and equivalent, debt) economy. Done within limits, it can increase the overall efficiency and prosperity. Alas, as with any human institution, the system can be (and usually is) hijacked for the gain of a few at the expense of the rest. In a "real" credit economy, the debts would be paid down. In our present world, the debt is ever-escalating. In principle, it is unlikely to ever be paid off, at least not in money that's worth anything. History recounts several such disasters. However, there is no historical precedent for the scale of our current make-believe money world economy.