It’s almost a reflex. Think about debt and we think first about something owed. Then come secondary considerations of whether it ‘should’, ‘ought’ or ‘must’ be paid back, how this should happen, and whether possible.
Large outstanding personal debts – say a mortgage taken out during a housing bubble – can turn even the stoutest of us into ‘quivering insomniac jellies of hopeless indebtedness’ (as Margaret Atwood so accurately puts it). Debt is, we feel, whatever the rights or wrongs, ‘our own fault’.
