Debt is generally considered a taboo topic in the UK – which is a shame because it really shouldn’t be. The issue would be a heck of a lot easier to deal with if we could just discuss our financial situations more openly.
The matter isn’t helped when you mention the topic of debt to someone and they respond with an incorrect or ill-informed comment. We’ve included some of the most common ones we’ve heard but feel free to share ones you’ve heard as well:
“You should never get into debt”
This reinforces negative assumptions that all debt is bad and easily avoidable. First, certain debt is needed to help us move on with our lives – for example, a mortgage or student loan.
Second, life is complicated. It throws curveballs our way. Sometimes it is honestly impossible to avoid getting into debt, it just happens.
“If you can’t afford something, don’t buy it”
In theory, this is great financial advice. However, if your boiler breaks down – and you need a new one – you’re not going to sit in the cold gathering money until you can replace it. Furthermore, if you need to quickly afford medical costs or travel expenses, you might need to get into debt to make sure these are covered.
If someone makes the above comment, they usually just don’t get how the world works.
“You earn X, you shouldn’t be in debt”
Everyone’s financial situation is unique and we all have different expenses. What seems like a large salary for one person may only just cover the cost of something for others.
“That’s a lot of debt”
This comment just doesn’t help in any way. Furthermore, sometimes you need to get into large amounts of debt to afford certain purchases, such as a car, education, or home. Should only the rich be allowed these things?
“Can your parents help out?”
Although family will sometimes help each other out of debt, it’s important to note that a child doesn’t have an automatic right to their parent’s money. Besides, mum and dad might not be in a great financial shape either.
“You shouldn’t go on holiday if you’re in debt”
Everybody needs to get away from the stresses of everyday life. Telling someone in debt they shouldn’t get to relax or enjoy themselves is harsh. Furthermore, they might have budgeted and prepared for this expense.
“Why did you buy X if you’re in debt?”
Similar to the holiday comment mentioned above, just because someone is in debt doesn’t mean they shouldn’t get to enjoy themselves. Besides, they might have also budgeted for this.
