Why it’s time to let go of the stigma around debt

Debt takes a toll on more than just your bank account. It can quietly wear down your confidence. For many, just hearing the word “debt” can bring waves of shame, guilt, and fear.

Society has long viewed debt as a setback, often assuming that anyone struggling financially must be irresponsible or uneducated. These assumptions can feel like invisible chains, discouraging open conversations and pushing people to suffer in silence.

Where did this come from?

Historically, debt has been treated as a moral failing. In ancient civilizations, people unable to pay off their debts could be thrown into prison or forced into servitude. Different religious texts also reflect strong caution around borrowing.

As we moved into the 19th and 20th centuries, borrowing evolved. Debt was no longer just for emergencies or survival as it quickly became part of everyday consumer life. Loans became more accessible, and suddenly, keeping up with the Joneses meant going into debt to match a lifestyle portrayed in magazines, movies, and now social media.

And the shame remains.

Even today, in many Western cultures debt is seen as a sign that someone has failed. We admire stories of self-made success and financial independence, while often ignoring the personal challenges that can lead to borrowing. The media plays a role too, frequently highlighting bankrupt celebrities or failed entrepreneurs without exploring the context behind their debt including job loss, illness, economic downturns, or rising education and housing costs.

So, what can we do? 

We can start by changing the conversation. It’s time to normalize talking about debt, whether it’s credit cards, student loans, mortgages, or unexpected medical expenses. By understanding what situations lead to debt, we can explore how to avoid them, how to manage them, and most importantly, how to support each other without judgment.

This first step may feel difficult’ but it’s also powerful. It’s the start of reclaiming your peace of mind and building a more stable financial future. When we open up, we not only ease the mental burden for ourselves, but we also create space for others to feel seen and supported too.

Debt doesn’t define you. Talking about it can be a path to freedom. It’s time to let go of the shame, challenge the myths, and remind ourselves that we are more than our bank account. We are human, and we are not alone.