Can I just say - not all unsecured debt is accrued because people spend frivolously- as seems to be the assumption from some upthread. Particularly at the moment for many freelancers not eligible for furlough- they are racking up tens of thousands of pounds just feeding themselves and their families, paying rent etc.
I’m in a lot of debt. An awful lot. Credit cards and loans. And I acquired it over 4 years paying for a LOT of childcare after an unexpected relationship breakdown. I kept working full time so that I didn’t slide out of the job market by staying at home with my son. That cost far more than tax credits covered. I hedged my bets that I’d come out better off through promotions, job changes etc. in the long run and would pay it down quickly. Of course I didn’t expect brexit uncertainty and covid to put paid to that.
I paid for much needed therapy that the NHS told me would be a wait of over 6 months- and then I’d be unlikely to get more than 12 sessions. I needed two years of weekly therapy, and I needed it then, not in 6 months, to deal with some serious postnatal mental health issues. I’d probably have ended my life if I hadn’t. That wasn’t cheap as you can imagine- although the therapist was incredible and did reduce the rate when my partner and I separated.
I had to leave my partner - suddenly- without a stick of furniture as the relationship wasn’t safe. I had no relatives to go to who would take me in with a small baby. So i had to furnish a house, put down a deposit and LIVE on stat mat pay for 6 months with no access to savings or assets.
So please don’t throw around phrases like “if I can’t afford it I go without it” without thanking your lucky stars that you have never been in desperate circumstances where you’ve had to make that decision.
Debt isnt good- of course it isn’t. But sometimes it’s the least worst option, when the others are to live in a shelter, an unfurnished house, go without medical care, or eat.