I think this is actually hitting much closer to the intention of Levitical law than people realize. Data and debt are very strongly connected, and I think probably always have been.
This is entertaining to game out the idea that anything that happened digitally more than 7 years ago just disappears.
A rolling Nothing that just eats anything that's 7 years in the past. A Great Oubliette into which we just toss anything from 7 years ago.
I think this would make an interesting dystopian novel.
Why stop at digital data? All memories roll into nothingness at 7 years, to be replaced by whatever the brain is forced to put in their place to resolve any apparent dissonance. A select few have discovered the secret and used it to build unimaginable power (e.g., building armies by promising riches and wealth after an 8yr term, using the Greate Oubliette to convince recruits they only have 1 yr left for the entirety of their lifetime of service).