This chapter presents a perspective focused on capturing the penetration of finance into the welfare arm of the state, identifying the mechanisms through which it integrates, and elucidating its profound effects on the principles, goals, relationships, and instruments of social policy. The first section introduces the pillars of an internalist approach to financialization, whereas the second identifies the main channels through which finance has integrated into welfare agencies and the third reflects on the nature of financial instruments and their incorporation into the welfare matrix. The second section proposes a relational approach to credit that focuses on the debt relationships that structure it, whereas the third explores the debt relationships between the welfare face of the state and welfare-dependent individuals, presenting my proposal on social debtfare policies, a new generation of welfare interventions that resort to credit to address a broad set of social demands.