Latest figures released by Debt Advisory Centre suggest that nine million UK adults think that they have a debt problem.
Of those, nearly three quarters say that they worry about their debt all or most of the time, with sleep being most affected area.
18% of people surveyed diagnose themselves as “having a debt problem”. 35% say that they worry about it all the time while a further 36% say that worry about their debts most of the time. Only 5% of people with debts say that they don’t worry about it.
The research also highlighted the toll that debt takes on people’s lives. 56% of the 9m people who say they have a debt problem say that their sleep is disrupted as a result.
Other negative impacts reported include:
- my ability to enjoy life has suffered 55%
- my mental health has suffered 53%
- my relationship with my partner has suffered 31%
- my physical health has suffered 30%
- my relationship with my family has suffered 22%
- friendships have suffered 15%
Melanie Taylor of Debt Advisory Centre said: “There are many different figures for the number of over-indebted people. We took the simple approach of asking people if they thought they had a problem with debt – and we were shocked to find one in five people say that they do.
“Debt isn’t just a financial crisis – it impacts almost every part of people’s lives, from their health to their relationships.
“The best way to deal with debt is to talk about it – debt advisors won’t judge you but they can help find a solution. Customers tell us that they feel better after just one conversation with an advisor.
“Similarly too many people keep their debt worries hidden from their family, they are often afraid that they’ll think less of them because they’ve got into financial difficulty. In our experience the opposite is true – loved ones are supportive and help ease the emotional burden of living with debt.”