How Can Debt Impact Our Daily Lives?
The impacts of COVID-19 have varied massively from health issues to financial circumstances. With people losing their jobs or being placed on the furlough scheme, families up and down the country have unfortunately entered the cycle of debt. For a lot of being, trying to live normally on 80% of their usual wage is difficult. Therefore, this may begin to impact peoples daily lives in a very negative way. At the moment, there are apparently over a million people up and down the UK who are desperately struggling in ‘severe financial difficulty’. But how is this debt impacting and affecting themselves and their daily lives?
Affect On Health
Previously, we have written about linking money to mental health on its own. Whereas, throughout this post, we will be discussing not only the effects on health but also other aspects too. So, how does debt affect our health? Debt affects everybody differently. People with diagnosed health problems are more susceptible to debt and poor money management. This is due to a lack of motivation and energy that may cause people to give up with their finances, falling into the cycle. The impacts of the debt cycle also come into play during this time. With the lack of motivation yet the amount of stress which is caused, this could cause results of lack of sleep which will create an even major issue.
When dealing with debt, you may feel like you are alone, but in fact, there are plenty of people and businesses out there who can support you, whether this is online or physically. For example, here at Debt Support Online we protect your consumer credit rights for any form of credit, taken out in the past, present and future.
Affect On Money Management
Debt can affect anybody whether you have good money management skills or not. Therefore, unless you have plenty of money saved up, you never really know what is going to happen. Whether you are somebody who has just fallen into the cycle or somebody who is working their way it, it can be extremely difficult. Debt can have huge effects on your money management methods and skills. Having to cut down on other expenses to be able to afford to repay your debt can be very confusing, especially if you do not have much of a disposable income. Not only this but after changing and switching your budget around, you may find that the new amounts do not suit your technique, leading to you finding another. Therefore, affecting your money management.
Impact On Relationships
Unfortunately, the baggage which is created from being in debt can impact our relationships. Not only with ourselves but also with those around us including partners, family and even your friends. The stress created can influence us to push people away and blame other people for financial mistakes. Commonly, this tends to be the situation in relationships when all of the finances are in one bank. It can be very difficult to talk to your family or friends about this topic due to it being such a negative topic with dangerous risks. But, this does not mean that it should not be spoken about. Again, if you feel like you should seek professional help, you are probably correct.
Finding a way to exit your debt and pay it off efficiently and effectively is important. But this task may be easier if you talk to others too. If the debt is causing large issues with anything other than your finances, seeking help is the best idea. For more advice visit The Money Advice Service.Tags: coronavirus debt, debt, debt impacts, debt linked to health, debt support online, mental health
Categorised in: General
This post was written by Charlotte K