Ignoring your mounting debt is a classic ostrich policy.
ostrich policy
idiomThe tendency to ignore obvious problems and pretend they do not exist; ostrichism.
Origin
disputed originFrom ostrich + policy. Referring to the common misconception that ostriches bury their heads in the sand when they notice danger. Perhaps a calque, compare ostrich politics.
The manager adopted an ostrich policy regarding the budget cuts, hoping the staff would not notice the missing funds.
By maintaining an ostrich policy in the face of mounting environmental evidence, the administration effectively ensured that the inevitable crisis would arrive without warning.