This article explores both how the debtor became a key actor in contemporary society and relatedly how indebtedness went from being a deplorable, exceptional condition to be avoided to a normal everyday precondition of modern life. Personifying the credit side of futurity, possibilities, enjoyment or accumulation, the debtor is an ambivalent and precarious actor, never an end unto itself, but always a means to something else. The debtor is always embedded in cautionary tales. She or he needs to redeem and discipline her-/himself to become economically sound and accepted within the free market order. In line with this, while crucial for the functioning of neoliberal society, the debtor has not been a project or focus of neoliberal theory. This article explores how the debtor – despite debt being a prominent part of neoliberalism, was not theorized by neoliberals but by their critics both within academia and in activist circles.