You asked

what was the social and economic purpose of forbidding interest among israelites in that time?

The passage, plainly, with room to sit with it.

Leviticus 25:35-37

“If your brother becomes poor and his means fail with you, then you shall uphold him. He shall live with you like a foreigner and a sojourner. You shall take no interest from him or profit, but fear your God, that your brother may live with you. You shall not lend him your money at interest, nor lend him your food for profit.”

This passage is part of the Law given to Moses for the people of Israel, outlining how they are to live as a distinct community dedicated to God in the land they are about to inherit. It sets out ethical principles for economic and social relations, especially regarding the poor.

What systems might we put in place today to uphold those struggling financially, without creating cycles of debt?

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Read alongside it

Deuteronomy 23:19-20
This passage clarifies that interest is forbidden when lending to fellow Israelites, but permitted when lending to foreigners, highlighting the internal communal ethic.
Exodus 22:25
An earlier law similarly warns against charging interest to the poor among God's people.
Nehemiah 5:1-13
This account shows Nehemiah rebuking and reforming leaders who were charging excessive interest to their own people, causing hardship and servitude.

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