Since the second half of the '90s European countries have carried out policies to increase the concept of flexicurity by redefining the welfare state. In the same years, another phenomenon appeared: a strong increase of the household debt. Many scholars have highlighted a relationship between these two phenomena. Hence, this article analyzes the growth of household indebtedness and its long-term macroeconomic implications. The article will look into the growth of an economic system based on financial capitalism and at the impact of this economic system through the redefinition process of welfare state and labor market. Our study aims to analyze as well the role of the household debt in an economic and social contest of "privatized Keynesianism" using quantitative and qualitative analysis also to define a new organization model of social protection called "financial capitalistic welfare state".