Debts a constant worry for more than 1 in 8

One in five people (20.1%) ‘often’ worry about the money they owe on loans and credit cards, while one in eight (13.5%) worry ‘all of the time’, according to research by debt advice and solutions provider Debt Advisory Centre. Only 6.5% of people who owe money said they never worry about it.
 
With Christmas now over, spending in the lead-up to the festive season may have left many people starting the New Year feeling financially drained. However, the study, which was conducted to mark Debt Awareness Week, shows that the impact debt has on people’s lives reaches far further than their bank accounts.
 
Of those who are worried because their finances are in the red, more than half (52.7%) say the stress has affected how they sleep – and nothing aggravates worry more than being overtired. Given this, it is perhaps unsurprising that just over 15% of borrowers concerned about their debts revealed their performance at work had suffered because their minds were occupied with money worries.
 
This stress is also having a negative impact on people’s relationships. More than a third of these respondents (35.3%) admitted that relations with their family were strained because of the worry, while more than 14% revealed their friendships have been similarly affected.
 
Most worrying of all, a third (31.7%) of respondents with money concerns said they thought their mental health had been affected, while a similar number (28.7%) thought the stress was having an impact on their physical health and wellbeing.
 
Those aged 25 to 34 years old were the most likely to worry about their debts constantly (17.9%) and there was no significant drop in this until people reached 55 years old. This age group were found to be the least likely to worry about debt all the time (5.9%). Regionally, more than one in five (22%) adults living in the North East admitted they constantly worry about their borrowing, while fewer than half of this number (8.1%) of East Midlands residents felt the same way.
 
Ian Williams of the Debt Advisory Centre says: “With Debt Awareness Week now underway, it’s clear a large number of us feel under stress because of our debts. While it’s natural to worry about money from time to time, if this has become a regular occurrence it’s a real concern.
 
“It is particularly worrying that many of those with debts feel their health and wellbeing is being affected by it. If you can’t sleep at night because the stress of debt is keeping you awake, or if you think it’s causing your relationships to suffer, then it is probably time to seek expert debt help.”