We’ve lost the stigma of borrowing but not the stigma of debt.

The other day I was called by a journalist doing a story on the credit crunch and its impact on borrowers. After a while they admitted they too had substantial debts and it was a big worry and we discussed the real stigma attached to admitting it.

Yet there’s no stigma to borrowing; after all we now educate our students into debt and The Times today ran a headline worrying about the lack of available credit card borrowing. Yet there’s still such a huge stigma to admitting that you’re actually IN debt.

This is a shame; if people were more open about debt issues; like those making heroic efforts in the debt-free wannabe forum, people would talk about it more; offer solutions and caution each other about making mistakes.

Yet when it comes to debt problems; so many people keep quiet. The truth is our neighbours, work colleagues and cousins can be in tradgic debt and we don’t know. They can be sitting at dinner with a restaurant panicking when it comes to splitting the bill; feeling ill and depressed when the talk of the latest product comes along or someone makes fun of their less fashionable clothes.

We need to be able to admit our faults, seek help without judgement and honestly talk about our cash. Yet our society now seems to have the worst of both worlds. No one is scared to borrow, yet we are scared off asking for hep and admitting problems when we’re in debt. How depressing.

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PS If you’ve problem debts, please read the Debt Problems: Where To Start, What To Do, Where To Get Help guide.