Many of us feel bad about our debt. Most of us probably shouldn't.
Three-quarters of U.S. households owe money, but the vast majority pay their bills on time and have debt loads that are reasonable given their incomes.
But many people still report being embarrassed about owing money.
In one study, nearly everyone with debt believed they would be happier without it. Researchers have also found a "strong relationship" between debt and several mental health issues, including depression.
Sometimes, stress and anxiety over debt is perfectly appropriate. If you're about to lose your home, have more student loan debt than you could pay in a lifetime or are headed to bankruptcy court, some angst is understandable.
Being ashamed of having debt, though, can be counterproductive. Debt shame could make you want to hide from your situation, potentially making it worse.
Or you could panic and try to get rid of debt at any cost, potentially at the expense of long-term financial security.
Debt has a role in our economic lives
Borrowing a reasonable amount of money to get an education or buy a house often makes economic sense. The education can deliver increased income, while the house can build wealth over time as the mortgage is paid down and home prices rise.