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Consumer Credit Counselling Service report says debt problems affect people's relationships and ability to work.
I keep mine hidden: Many people don't share their debt problems with others.
More than eight out of 10 people with debt problems say their financial difficulties are having a negative effect on their lives, jeopardising their personal relationships, health and ability to carry out their jobs, according to a debt counselling charity.
The Consumer Credit Counselling Service (CCCS) found that debt problems had adversely affected the relationships that 37% of the 372 clients surveyed have with their partners, and 22% with their children.
The charity said this might explain why many people chose to keep their problems hidden from those who were close to them: when asked who they had told about their difficulties only 34% named their partners, 20% their friends and 16% their parents. A further 10% said they had told no one, citing shame, embarrassment and a difficulty to "acknowledge that you are an adult and unable to manage your finances" as reasons for their silence.
Nearly half of those questioned said their problems had a very negative impact on their health, with some suffering a nervous breakdown, loss of hair, palpatations and cessation of menstruation. Only 6% said it had no effect.
Two-thirds said debt affected their ability to do their jobs, with CCCS clients saying "work has become difficult due to the constant worry about debt", and that they "found it difficult to concentrate some days" as they were "continually worrying about money".
Delroy Corinaldi, external affairs director at CCCS, said: "Only 15% of people had a debt 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.
"This busts the myth that recklessness with credit is the main cause of debt problems. Rather it is life itself over which we often have no control. Such people need sympathetic and practical support to guide them through this crisis so it won't scar them and their families for life."
Posted: 30/08/2010 | Source: guardian.co.uk
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