From Catastrophe to Escape: A Bourdieusian Analysis of Personal Debt in The Netherlands

ABSTRACT This paper examines how individuals experience and respond to personal debt, arguing that debt is not merely a financial problem but a systemic issue that affects social relationships, moral worth, and health. Drawing on online forum posts, and grounded in Bourdieu's theory of capital, the paper introduces an expanded framework of ‘assets’ and ‘liabilities’—including economic, social, cultural, moral, and health aspects—to better understand debt dynamics. Through the concepts of accelerators and brakes, the study highlights the social factors that drive individuals into debt and those that enable recovery. Using narratives from the Dutch Schuldenvrij online forum, the paper identifies three pathways—Catastrophe, Corrosion, and Escape—demonstrating how debt often emerges as a ‘master problem’ that shapes life trajectories. By foregrounding the interplay of personal agency, social support, and structural constraints, this paper challenges simplistic views of debt as personal failure and contributes to a more nuanced understanding of indebtedness as a socially embedded practice.