The Side Effects of Debt and How You Can Treat Them

by David Tamplin on 27 Sep, 2012

As Brits, we’re famous for being prudish when it comes to talking about money – even more so when it comes to discussing the taboo subject of personal debt. With 80% of adults in the UK in the red right now, our personal debt is the elephant in the room in most households. But ignoring our debts could have a major impact on other areas of our lives.

Owing money to anyone is stressful. And when banks and credit cards are piling on the interest each month, clearing our debts can seem like an insurmountable task. This can make many of us feel trapped and constantly under pressure, leading to stress and tension. The stress of debt can impact on:

• Sleep – 87% of those in debt are being kept awake at night or having poor sleep.
• Health – Lower energy levels, reduced sex drive and even depression can result from debt-related stress.
• Performance at work – the very lifeline keeping your head above water in terms of paying off your debt can suffer.
• Relationships – these can become strained as a result, which can make us feel even more isolated.

And with 1 in 3 of us claiming that they think they will be in debt for the rest of their lives, this makes for quite disturbing reading. So what can be done about it?

For most of us, clearing our debts – especially if they are spread across multiple creditors – is a challenge we feel we can’t take on alone. We need the help of others. If you feel too embarrassed or ashamed to speak to family or friends, then find a debt consolidation programme with whom you can have a frank and open discussion about your predicament.

This site will listen to your predicament without judgement and go through your situation with you step by step to come up with a debt consolidation programme tailored to your needs. With a debt consolidation programme you can:

• Consolidate all debts into one affordable monthly payment, giving you greater control over your outgoings.
• Delegate all dealings with creditors to the management company – this can take the pressure off being pursued for payments.
• Track your progress online – seeing how you’re coming along can help you stay positive about your situation and give you hope.

Aside from the financial benefits, getting a debt consolidation programme that works for you can do wonders for your stress levels, which should hopefully help you see an improvement in the other areas of your life.

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About the Author

David Tamplin

David Tamplin has been writing for Uk Money Market for 3 years and is the current editor of the site. He has an insurance background and achieved his ACII professional insurance exams in 1993.