Dealing with the emotional burden of debt

Sep 10
06:50

2008

Chris Pracy

Chris Pracy

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Finding yourself deep in debt is a very traumatic experience for most people

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How can living with debt affect your life?

Finding yourself deep in debt is a very traumatic experience for most people. While there are many practical debt solutions available,Dealing with the emotional burden of debt Articles the emotional side of debt is often ignored. So what are the main debt-related areas that can impact on your everyday life?

1. Feeling Isolated – When your debts are getting out of control, it can be difficult to share your financial problems with friends or family. Many people feel too embarrassed to talk about being in debt, but just getting things off your chest to someone you trust can relieve a great weight from your shoulders. With over 14 million UK households living on overdraft each month, you’re certainly not alone if you’re struggling to cope financially.

2. Trouble Sleeping - Worrying about your mounting debts and how you’ll ever be able to repay them can play havoc with your sleep, especially if you’re concerned about the possibility of your home being repossessed. Not being able to relax and think about things other than your finances can have a negative impact on your mental health.

3. Social Life – Having to cope emotionally and financially when you’re in debt can really take its toll on your social life. Feeling isolated and tired doesn’t lend itself well to social occasions and you may also cut back on seeing friends and family because you feel you simply can’t afford to go out for a meal or a few drinks with them.

4. Feeling Helpless – It can be easy to get caught in a vicious circle of debt, borrowing from one company to pay back another is common. This approach will only work for so long and does nothing to help you become debt free in the long run. If you’re receiving calls and letters from your creditors on a regular basis you may feel that there’s no other option than to keep on borrowing to make your monthly repayments.

5. Take Back Control – If you’re experiencing any of these issues then you’ll want to resolve your financial situation as soon as possible and get back to living a normal life. By speaking to an expert advisor and discussing all options for dealing with your debt, these emotional burdens could soon begin to ease as you start out on the road to becoming debt free.

Call us now on 0800 043 4747 to discuss your circumstances and discover which of our tailored debt solutions could be right for you.