6.5 million Britons are consistent debt worriers

Debt is something that 6.5 million Britons worry about all or most of the time, a new survey has revealed.

The study by the Debt Advisory Centre ha…

Debt is something that 6.5 million Britons worry about all or most of the time, a new survey has revealed.

The study by the Debt Advisory Centre has found around nine million adults in the UK think they may have a problem with debt, and 71 per cent of these spend most of their waking hours worrying about the issue. Around 35 per cent say they worry all the time and 36 per cent for most of it.

For five million, those waking hours are extended as they have lost sleep over the issue, while by contrast just five per cent of those with debts say they do not worry about it at all.

Indeed, the study also found that 55 per cent said debt has reduced their enjoyment of life, 53 per cent have seen their mental health decline, 31 per cent have had relationship problems with their partner, 30 per cent have endured physical health problems, 22 per cent have suffered damage to family relationships and 15 per cent get on less well with friends.

Discussing the importance of letting others help and be supportive, Debt Advisory Centre expert Melanie Taylor said: "Too many people keep their debt worries hidden from their family, they are often afraid that they’ll think less of them because they’ve got into financial difficulty.  In our experience the opposite is true – loved ones are supportive and help ease the emotional burden of living with debt."

Of course, the best help anyone can get is to seek some formal means of rearranging their debts, such as taking out an IVA. By having one of these arranged, debts can be managed and people can get back their sense of control and wellbeing.    

Indeed, now may be a good time for lots of people to reassess their finances. A poll by GoCompare.com this week has shown ten per cent of people are are reassessing their finances in the wake of Brexit, even though nobody yet knows just what the consequences will be.

Tell others:

shortlink