Statistics have revealed that debt problems are confirmed as a catalyst to poor health and mental instability.
Over 80% of people suffering from debt problems blame their financial difficulties for the majority of problems that they face during their lives. Along with health deteriorating, personal relationships are jeopardised and a negative impact has been placed upon performance within the workplace.
An astonishing 37% of the 372 clients surveyed by the Consumer Credit Counselling Service claimed that their debt problems had a negative impact on their relationship with their partners, and a further 22% saw a detrimental effect on their relationship with their children.
An issue that has been rendered partly responsible for the stress caused by debt problems, is the reluctancy to share problems with those close to them; merely 34% had told their partners, a further 20% their friends and only 16% had approached their parents about their difficulties.
A mere 6% of those questioned stated that debt problems had no negative impact on their health, while statistics revealed that almost 50% admit that their financial problems had an extremely negative impact; including suffering from nervous breakdown, heart palpitations, loss of hair and cessation of menstruation.
Over 65% admitted that the debt affected their performance in the workplace, with CCCS clients stating that “they found it difficult to concentrate some days” as they were “continually worrying about money”.
External affairs director at the charity, Delroy Corinaldi said “Only 15% of people had adept problem because of overspending, almost half had a debt problem because of redundancy, a pay freeze or reduced working hours, while others were left overindebted because of a relationship breakdown, illness or having children”.