>> This is untrue. There is also repayment

This is incorrect. Repayment helps to clear the debt only from the perspective of the individual who has the debt but this is only possible because someone from the next generation took on even more debt to purchase the debtor's assets (took out a loan to buy the house, for example). So the aggregate debt never goes away, it's just transferred to the next generation and it keeps growing along with asset prices.

Asset holders see their capital increase continuously while non-asset holders keep getting squeezed until they are basically reduced to slavery.

Bankruptcy, however, clears the aggregate debt because the central banks end up taking the loss.