Debt-free or Debt Fret: Survey on Public-school Teachers in the Philippines as a Basis for Intervention

Abstract

The decision of whether to be debt-free or in debt fret is crucial in developing interventions as it sets the tone for establishing policies by authorities regarding loans for public-school teachers in the Philippines. This study presents the propensity of public-school teachers to extinguish their debts, coupled with their proposed interventions, and the relationship between loan addiction and the ability to pay it out. Using descriptive-correlational research design and snowball sampling technique, 84 respondents composed of basic and tertiary level public-school teachers throughout the Philippines answered a Google survey form.   This research found that public school teachers agree to pay off their debts though unsure if they have the willpower to do so (M= 3.7 ± 0.47). Moreover, some teachers are addicted to loans and in need of spiritual and emotional support. Generally, they did not acknowledge that they are addicted to loans (M=1.96 ± ). Regardless, they proposed interventions of the government to reduce interest rates and provide legal and financial seminars. Further, the study reveals that there is no relationship between loan addiction and propensity to extinguish debts (p = 0.431) which proves that those who are addicted to loans have less determination to pay their debts. The result of the study is useful in developing interventions for teachers who have the willpower and those who are identified as loan addicts.  The next study will explore the mediating factors such as behavior and willpower linking loan addiction and propensity to extinguish debt.