Debt forgiveness should be a foundational policy of any right wing or right leaning party. For the simple reason that one of the pillars of the right is the preservation and propagation of the family, and on top of this the preservation of wealth in the family. These are core principles of the right: God, king, and nation (the nation being an extension of family). Policies which preserve the place of all three in society should be favoured by those on the political right.
Nothing threatens both the family and preservation of wealth in the family in the West today like the greed of the money lenders. The threat of facing debt holds people back from marriage and causes many women to delay childbirth. The experience of debt drives families into dual income living with zero to few kids. The crushing weight of debt breaks many families apart, in part because they tend to take out their debt problems on each other, and partially because of the hypergamous nature of women, as shortsighted as this can often be.
The cost of not forgiving debt will be far greater for society than the cost of forgiving debt through government decree. Because when the family is encumbered by so many burderns, it cannot fulfil its required function for society, that of raising the next generation of the nation up in the values of that nation. Already Australia can't sustain itself via births, proving my point. This is not a justification for our high immigration policies, in fact immigration exacerbates the problem because government’s feel even less incentive to serve the families of the nation when they can simply replace them with ready made adult tax payers. So a refusal of the right to address this issue will just lead to even worse outcomes for our nation.
Debt forgiveness, however through whatever mechanism that politicians have at their disposal, at least once in a generation, should be a pillar of the politics of the right. Because it serves the purpose of preserving the family unit, which is the basic building block of the nation.