‘Alarming human cost’ of debt problems revealed

Individuals suffering with debt troubles are experiencing grave human cost as a direct result of the worry incurred, newly-released figures have shown…

Individuals suffering with debt troubles are experiencing grave human cost as a direct result of the worry incurred, newly-released figures have shown.

The Consumer Credit Counselling Service (CCCS) has revealed debt problems can impact people’s health, personal relationships and ability to effectively carry out job responsibilities.

According to the survey, which involved 372 of the organisation’s clients, 83 per cent admitted financial difficulties have a negative impact on their lives.

More than a third – 37 per cent – claimed money troubles had adversely affected their relationship with a partner, while 22 per cent – just under a quarter – stated such problems had caused tension between them and their children.

The body observed such figures may explain why many consumers choose to keep their debt woe to themselves.

It found only 34 per cent share their distress with their other-half, 20 per cent explain their concerns with friends and just 16 per cent tell their parents.

Moreover, ten per cent admitted they have never made anyone aware of their dire circumstances, citing reasons such as ’embarrassment’ and ‘shame’.

Almost half of respondents – 46 per cent – claimed their money situation had negatively affected their health.

This included instances of nervous breakdowns, hair-loss and palpitations.

Furthermore, 65 per cent of employees said such stresses impeded their ability to carry out work duties.

Delroy Corinaldi, external affairs director at CCCS, commented: “We are only starting to understand the human cost of debt problems.”

A recent study by uSwitch.com revealed people who live on their own could be at greater risk of developing debt problems as they tend to shell out an extra £250,000 on living costs throughout their lifetime than those in a relationship.

By Amy White

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