I'm on chapter 5 and the debt system is a non-factor. Even when Nova pops up more often (when you have a good amount of money), just pay a big amount and she's gone. Equipment is cheaper compared to Xillia 1 and it's easy to make a lot of money without realizing it so the debt isn't an issue there. The debt menu interface is fast too, so it's easy to pay (or not pay) and get out.
The area restrictions aren't too bad and I don't mind being paced a bit in where I can go. Did you guys want to explore the fields in one go?

In chapter 5 in particular a bunch of areas in Rieze Maxia have opened up anyway.