Bad credit can happen to just about anyone in this world. It can often seem as if no one is ever truly safe. The sad part is, no matter how carefully a person may plan their life, there's still a lot of room to end up with serious problems such as bad credit or high amounts of debt. These are two concurrent problems that tend to feed into one another, as a person takes instinctive steps that end up being accidentally self-destructive.
The good news is, when a person ends up with worse credit than they could have given other parts of their life, there are ways to get some help with the problem. Of course, society has both issues with this help and an understanding of how this can benefit everyone indirectly. Both of these need to get some consideration.
Letting people off easily
There's a fear with some people, especially those in somewhat elevated positions but who have some limitations to their mindsets, that allowing someone to repair their credit and ease their debt burden is simply letting them off too easily. For some people, the notion that bad credit and a lifetime of reduced financial abilities is apt punishment for a moment of irresponsibility or simple bad luck is completely justified.
Of course, society does provide some level of punishment to the people who have bad credit or huge debts. These people can find it much harder to get a good place to live, to get a good job, or to get a reasonably priced car loan. They tend to end up paying far more for many things, and tend to also have a harder time getting almost any kind of financing. This does tend to serve as a reasonable level of punishment, especially if the problem occurred a single time in the fairly distant past.
Letting it go
On the whole, no one person has the power to completely cripple society by becoming so indebted that the monetary system collapses. Generally speaking, even an entire country of consumers can do very little to truly break the system. Because of this, society has generally come to the conclusion that there's a reasonable level of debt that a person can work their way out of, and another level that society can generally allow to slide.
Of course, filing bankruptcy every year or two can cause the court to become less and less lenient, and the credit issuers know when someone is simply trying to game the system and escape any sort of personal responsibility. But then, fortunately, people who are actually doing such things are very rare. For the most part, the credit issuers that work at providing
understand that there are more chargebacks and more uncertainty because it's difficult for most people to make real changes in their lives. Nonetheless, the net benefit to society is greater than the net risk.