Voters fear debt, but they do not understand it. Using data across 13 countries, this column shows that most people dramatically misjudge debt levels and lose trust in their governments with every budget cut. A smaller group of wealthier and more experienced voters demonstrates a stronger grasp of fiscal realities. Yet all groups share a common concern: that debt stabilisation efforts will disproportionately penalise them. These findings reveal how misinformation and memory shape the politics