The show was hosted by Nick Ferrari and Katie Hopkins, 38, was joined by Jim Davidson, who was declared bankrupt, former premier league footballer Lee Hendrie, who has faced bankruptcy and even attempted suicide, and Olympic legend Eddie ‘The Eagle’ Edwards, who has struggled with debt in the past.
And the controversial ex-Apprentice star soon sparked fury on Twitter by backing up payday loan firms and shouting down others with her opposing views.
She jumped on her high horse early on, tweeting: "One man's debt is another man's invoices left unpaid. Small businesses suffer. Bankruptcy is the easy way out for too many #debtdebate," before the programme even aired."
Her controversial comments didn't end there and she soon angered audiences by dubbing payday loan firms as "a decent business model", shouting over the other panellists when they disagreed with her.
So it wasn't too surprising to see that Peaches Geldof's Number One Enemy received a lot of angry responses on Twitter - with the likes of ex-TOWIE star Maria Fowler and X Factor's Louis Walsh wading into the online debate.
Maria Fowler, who seemed particularly riled, angrily tweeted: "Has Katie Hopkins not been strangled yet?"
Meanwhile, The X Factor judge Louis Walsh branded her 'freak show value'.
"Losing all respect for @NickFerrariLBC and @channel5_tv for inviting Katie Hopkins on again for freak show value for a serious #DebtDebate," he wrote on Twitter.
However the comments do not seem to have ruffled Katie's feathers whatsoever, as this morning she chirpily tweeted: "I don't worry about debt because I don't buy things I can't afford."
"Again a debate with no credibility, as they have got Katie Hopkins on again purely for headline crazy comments."
As usual, there were plenty of other Twitter users who shared these sentiments.
However the comments do not seem to have ruffled Katie's feathers whatsoever, as this morning she chirpily tweeted: "I don't worry about debt because I don't buy things I can't afford."
Did you see Channel 5's The Big Debt Debate? Did you agree with the opinions expressed by the panellists? Let us know in the Comments Box below now.