A new study has revealed that debt problems are having a ‘severe impact’ on people’s lives and can affect their health, job performance and relationships.

The survey, which was carried out by the Consumer Credit Counselling Service (CCCS), found that 83% of people who had sought out financial assistance said that their debt problems had has a negative impact on many aspects of their lives.

Relationships were the most affected area with more than one third saying that their relationship with their partner had been affected by debt worries, while a further 22% said that their financial problems had affected relationships with their children.

According to the research only 34% of people surveyed said that they had revealed the extent of their debt problems to their partner. 20% of people said they had spoken to friends about money worries while 16% talked things through with their parents.
However, one in ten people have suffered in silence with the main reason for keeping quiet was people being ashamed of their problems. Other suggested that it was hard to admit that they were unable to manage their own finances.

A CCCS representative said: "There is a lot of focus on the economic implications of the personal debt crisis but we are only starting to understand the human cost of debt problems."

Around 65% of people said that debt problems had affected their career, with concentration levels being a main problem as well as money worries about buying fuel to get to work.

Almost half of the people surveyed said that debt problems had affected their health with only 6% saying that they had no adverse effects. Health problems reported as a result of stress from financial worries included having a nervous breakdown, a loss of hair and heart palpitations.