Great episode for Spice & Wolf episode 9. The first bit with Nora was upsetting because she is stuck in a position of work where she can grow. Even fukking worse the church is not letting her use safer routes because of her blessing which is really disturbing and messed up.
So the conversation about credit and debt was a big indicator of things to come in this episode. It is very understandable for Holo not to like being in debt. If you are in danger of falling in the red it can feel uncomfortable because what if you mess up? Kraft mentions being in debt isn't a big deal if you know you will get out of it.
The price of armor going down is a huge loss for him. You can really see him panicking. His punishment is something even worse than debt. I am surprised the punishment is so brutal. It feels like he was unaware of the punishment.
The ironic part is that he wanted to solve his debt by taking another loan. The ending of this episode really caught my eye. With Holo around, it gives an impression that they are companions at the very least and in their viewpoint she is dependent on Kraft. The conversation with the last man hi lights this. While it would have served better if Holo stayed at the inn, Kraft raising his frustrations at her was really wrong on his part.
First things first Kraft needs to cool off and relax. Right now he is panicking and not in the right mindset.