If someone has overborrowed then the sooner they go bankrupt the better, so they can have a fresh start, letting the boom bust cycle start again. Low interest rates may mean high inflation which will rip off pensioners, people with savings, and everyone except people with huge debts.
Wasn't low interest rates tried in Japan in the 1990's and was a failure? There are different types of people: people who buy what they need and save and plan for the future, and people who spend all they've got (+some more). The ecomony needs the spendthifts to keep shopping, and they're all so deep in debt it will take them years to start shopping again. (Cue next generation.)