Stigma of Debt: Your Questions Answered

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any may feel ashamed, embarrassed and completely overwhelmed about their debt. People experiencing debt-related stress often suffer from many associated health issues, such as sleepless nights, headaches, tension and more. And feeling out of control when it comes to managing their debt payments often prevents people from taking control of their financial situation. Not all debt results from overspending, living beyond one’s means, frivolous behavior or money mismanagement. To answer your questions about the stigma of debt, and to learn about the options available to you, tune into our Stigma of Debt VLOG series below with MNP's Licensed Insolvency Trustees. 

Do you think there is a stigma around being in debt?

What do debtors tell you about their feelings about being in debt?

Would you say that some people see being in debt as moral failing?

Are people largely shouldering their debt responsibility themselves?

Is it usually only about the debt, or are there other factors involved?

Does the stigma of debt impede people’s ability to seek out a debt solution?

Is there a generational difference to the aspect of the stigma of debt?

What about a stigma around the possible solutions?  E.g. Stigma of Bankruptcy?

What advice would you give to people who are struggling with debt?