Unique insight into emotional impact of personal debt in the UK

We're really pleased to announce the latest results of our research into the emotional impact of debt in the UK. It gives you chance to see how you compare and comment on what you think of our findings.

Research findings are as follows:

87% of those in debt are being kept awake at night

Team Comment: “If you’ve ever been deprived of sleep for more than a few nights you’ll know how it makes you feel and act towards those around you. Unfortunately, waking up at night worrying about debt affects nearly everyone who answered our survey.”

75% of those in debt are having their work affected as a result

Team Comment: “Given the sleepless nights and creditor phone calls, it not surprising that the very job people reply on the pay debts off is being affected.”

71% say their debts are affecting their health in a negative way

Team Comment: “Stress affects our health and being in serious debt is very stressful. You have to wonder what the true cost of personal debt is to the economy when your performance at work and your health are being affected”

67% say their sex / love life is being affected by being in debt

Team Comment: “The last thing on your mind when you’re tired and stressed is sex. Another big reason to get help getting your finances back in order.”

74% say they will never borrow again

Team Comment: “Such is the pain of being in debt that it has put a significant proportion off borrowing again. This is not good news for these individuals or the financial industry. Having access to finance and borrowing responsibly is an essential part of life.”

60% were turned down for finance when credit checked

Team Comment: “Despite being in serious debt, individuals continue to try to borrow. Only when finance is declined does the reality and consequences of not having access to money become apparent. They can no long ‘Rob Peter to Pay Paul’. This when they often turn to borrowing at very high interest rates.“

36% of people have borrowed at a very high rate of interest to solve an immediate need for money

Team Comment: “Borrowing money with a poor credit rating usually involves high rates of interest. It is common for APR’s to be over 1,000%. Borrowing money in this way is all too often followed by some of the more serious and unpleasant signs of debt being out of control. These include bailiffs, CCJ’s and bankruptcy orders.”

30% drink more alcohol when in debt

Team Comment: “3 in 10 are drinking more because of their debts. The knock on impact of this increased alcohol consumption is not fully understood, but it’s safe to say, it’s not good news.”

If you would like to know more about this research or talk to the Talk About Team please contact us