The Morality of Debt
Hello my Fellow Feminists!
It's good to have you here.
Hello All,
Have you ever dealt with debt or do you know someone who has? Chances are, the answer is yes. Debt is one of the most common financial experiences people share, and yet, it’s also one of the most stigmatized.
In my work, I see something interesting happen. Clients navigating debt often start to feel lighter, more confident, and even optimistic as we make progress together. They’re building plans, taking steady steps, and celebrating small wins.
But even in those moments of progress, another theme often shows up. There’s a lingering sense that they should still feel guilty, that debt is something they must keep “repenting” for, as if punishment is required for its supposed immorality.
Where does that come from? Why do so many of us internalize the idea that debt is a moral failure, rather than simply a financial reality? And maybe the more important question: who benefits when we believe this?
Onwards,
Ariel
The Roots of “Debt is Immoral”
Much of this shame traces back to financial culture and the voices that dominate it. Dave Ramsey, for example, has long argued that people should pay off all their debts, including student loans, before doing any investing.
As Ramsey himself has written: “If you’ve got any debt (other than your mortgage), your goal is to pay it all off before you start saving or investing for your future.” (Ramsey Solutions)
For many, this kind of guidance doesn’t just feel impractical (hello, student loan debt?!). It reinforces the idea that carrying debt makes you irresponsible or unworthy. It creates a framework where people are expected to punish themselves until they’ve “atoned” by becoming debt-free.
Why These Messages Stick
Personal finance gurus: Simplistic rules (“debt = bad, debt-free = good”) are easy to sell. It's no coincidence that many fall prey to these oversimplified tactics in politics as well.
Industries that profit from shame: Lenders and financial products benefit when people internalize debt as a personal flaw; they stay quiet, isolated, and compliant.
When the story is “debt is immoral,” responsibility shifts onto individuals, while the structural causes such as low wages, rising costs, and inequitable systems are ignored.
Reclaiming the Narrative
But here’s the truth: Debt is not immoral. It’s not a sign of weakness or failure. It’s one of many tools people use to navigate a challenging economy. Sometimes it’s necessary, sometimes it’s heavy, but it is never proof that you deserve punishment.
What is meaningful is the work you’re doing: showing up, building new habits, asking the hard questions, and moving forward. That is the story worth holding onto.
If you’ve ever felt like you had to apologize for being in debt, you’re not alone. But let’s be clear: debt is not a moral failing. It’s a shared reality, shaped as much by systems as by individual choices.
And if debt isn’t immoral, then what is it really? In Part Two of this series, we’ll look at the larger forces such as low wages, high costs, and lack of safety nets that shape debt and reveal it for what it is: not punishment, but a coping tool.
How has the “debt is immoral” message shown up in your life? Have you ever felt pressured to believe it? Email hello@financesforfeminists.com and let me know.
