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29
AUG
2013

How Personal Debt Can Affect Your Life

Personal debt is something that can creep up unawares until you suddenly find you are swamped by it. Many people manage to turn themselves around before their financial problems completely overwhelm them but others can find themselves affected so badly that they never really recover. It can affect health, relationships, work and every single area of a person’s life and really this is a shame, as even the worst possible situation can be resolved as long as the person affected by personal debt takes charge of the situation and seeks help from the right quarter.

Borrowing more is tempting – and too easy

When debt begins to mount, it may seem that having a little input of money ‘just to tide us over’ will be the quick fix that everyone is looking for. If there is a kind relative or friend who will not need the money back any time soon if ever, this is of course a great way to solve personal debt problems but only if the person needing the help takes the situation as part of a learning curve and reins in their spending. This is sadly rarely the case and one episode of borrowing to get out of financial trouble usually leads to another, then another and the spiral continues. The worst thing that anyone in debt can do is to take out a short term personal loan of the ‘payday’ variety as their penalties can be severe if payment dates are not met and the debt amount can spiral.

Health and wellbeing start to suffer

As anyone who has ever had a worry hanging over them knows, the first thing to go is a good night’s sleep. If the worry is something finite – exam results, a health issue or worry over a child for example – the damage is usually small because as soon as the problem is resolved, sleep patterns return to normal and everything gets back on an even keel. If the worries are financial however they seem to have no end and with weeks or perhaps even months of sleepless nights, anyone with personal debt problems will start to become quite ill. Along with the lack of sleep comes poor performance at work, resulting in the worst case in loss of employment. Relationships certainly suffer and many seemingly steady partnerships have come unstuck because of the personal debt worries of one of the couple. If things come to a head so that a home has to be sold or an eviction notice is served by a landlord, even finding somewhere to live becomes problematic and it isn’t unknown for people with personal debt they cannot resolve to end up living rough.

There is light at the end of the tunnel

For anyone wrestling with seemingly intractable personal debt problems, there is help and it is not hard to find. Sorting it out starts with a visit to the Dissolve Debt website or a call to 0800 0122 111 (0161 926 7670 from a mobile). It’s that simple.

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