Debt problems having severe impact
22nd July 2010
A new survey has shown that money problems have had a severe impact on the lives of more than eight out of 10 people with debt.
The Consumer Credit Counselling Service (CCCS) said relationships, health or the ability to do their job had been affected in around 83% of people.
People may want to think about the value of life insurance to offer them some financial piece of mind, as the survey showed that more than a third said debts had adversely affected their relationship with a partner.
Almost a quarter (22%) said the debt problems affected other relationships, such as with their children.
The survey showed that income protection cover may also be of benefit to people to help them come to terms with money problems.
It shows that just 34% revealed their worries with a parter, while a fifth (20%) spoke to friends, and 16% told their parents.
One in 10 said they did not tell anyone about their debts, saying they were too ashamed or embarrassed, while others said it was difficult to acknowledge that you were unable to manage your finances when you were an adult.
Just under half of people said their money problems had had a very negative impact on their health, with only 6% reporting no effect.
Problems people reported as a result of the stress they were under included having a nervous breakdown, losing their hair and having palpitations.
Copyright © Press Association 2010
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