Debt Problems Impact Quality Of Life: Study

Debt problems are having a large impact on people’s quality of life with relationships, health and job performance negatively affected, according to a new study.

The Consumer Credit Counselling Service (CCCS) has conducted a survey of 372 clients to assess how debt problems are affecting the equality of life. Alarmingly, 83 percent of those surveyed said that their debt problems had a very negative impact on their lives.

Close relationships seem to suffer as a result of debt with more than a third (37% ) of respondents stating that their relationship with their partner had suffered and nearly a quarter stating that the relationship with their children had worsened as a result of debt issues.

The study has also revealed that many people with debt problems do not share this fact with those close to them. Ten percent stated that they had not revealed their problems to anybody at all saying that they felt shame or embarrassment over the state of their finances.

Health also suffers as a result of debt with almost half of respondents claiming that they had experienced a nervous breakdown or other stress symptoms such as hair loss, palpitations or the cessation of the menstrual cycle.

With debt issues clearly impacting the quality of life for many people Delroy Corinaldi, external affairs director at CCCS recommends that “people [with debt problems] need sympathetic and practical support to guide them through this crisis so that it won’t scar them and their families for life.”

The CCCS is a leading debt charity that offers free debt advice to those with mounting debt problems. Their web site can be found at www.cccs.co.uk