Today, individuals, households and states have accumulated enormous amounts of debt. Their indebtedness has significant social and political consequences. The main tendency in critical debate is to see the indebted subject as a dominated and disempowered subject – a view in which there is certainly much truth. At the same time, however, this view accepts a rather narrow, economic-financial understanding of debt and, furthermore, explores only the consequences of this form of indebtedness, not the ways in which it has come about. It neither looks at the broader pre-conditions of a debt relation between subjects nor at the variety of ways in which a debt relation can be understood. This chapter suggests, in contrast to the dominant critical view, that the debt relation contains emancipatory and empowering possibilities for the indebted subject. To identify them, it explores the broader meanings of debt and the ways in which indebtedness constitutes and sustains social relations. In particular, the chapter suggests that it is at the point of breakage – when debt becomes unbearable, often called ‘crisis’ – that one observes the rise of the subject.