At the start of the month we conducted a survey to ask, “Do people in debt deserve what they get?”. The results were interesting. As many people suspected, “it depends” was a popular answer, with only a few people saying ‘yes, they deserve it’.
Results of Survey: Do People In Debt Deserve What They Get?
The results of the poll were as follows.
Question: “Do people in debt deserve what they get?”
It Depends: 46%
The overwhelming majority either said “No” or “It depends”. No suggests that people believe debtors should not have to face the harsh consequences of debt. While, it depends means people would judge the situation on other merits, such as, how was the credit accrued.
I can’t help but have an opinion on this topic. Although biased, I do think “it depends” is the answer I would pip for. I believe this without a real guide as to who I think would deserve the negative attributes of debt.
For instance, people who splash the cash on new holidays and cars, treat themselves to everything they could ever want and fail to save, may be foolish and the typical people I would say “deserved” what they got. But, I don’t really believe that. These groups of people may use credit to fund their lifestyle during a period when they could afford the repayments. However a life changing event (loss of income, death of partner, separation / divorce etc) can change an affordable situation into one which cannot be managed.
There are few times, if any, when I can recall somebody I’ve met deliberately charging their cards with the intention of entering bankruptcy. My own situation meant I’d used a small amount of credit before losing my job. I then turned to credit during the recession to live and feed my family. We never had the lavish lifestyle when we used the cards and saving money at that time was not an option. There was no way I could pay the money back, short of wining the lottery, so I couldn’t get debt free without entering bankruptcy.
It’s important to put these numbers in content. This website is managed by somebody who was previously bankrupt, so the 8% who honestly stated that people in debt deserved everything they got, thank you for your honesty. It’s not really a fair platform to have the discussion, but something I wanted to open up and talk a little more about.
A huge thank you to everyone who participated, you’re all amazing!