WRITING off personal debts is not a decision to be taken lightly. Not least because taxpayers will foot the bill for such write-offs on loans given out by banks.
That's why personal insolvency legalisation, due to be passed before Christmas, is a welcome move.
The proposals will allow write-offs of personal debts of up to €20,000 if there is no hope of the monies being repaid.
But stringent restrictions attached to the plan have raised eyebrows.
A debtor will not be able to own a car worth more than €1,200 or jewellery worth over €400, if their debts are written off.
No one suggests debtors should retain high-end cars or such status symbols. But many genuinely trying to rebuild their finances and lives will view a €1,200 car limitation as unfair, particularly in light of the six-figure pensions being paid to bankers whose institutions approved their loans in the good times.