A major insurer has released figures claiming that, in the last year, somewhere in the region of 5 per cent of the UK population have had to take time off their work due to stress as a direct result of their debt problems. Even more worrying, a huge 70 per cent of people freely admit they spend a substantial proportion of their time at work, mulling over their personal finances and struggling with potential debt solutions. Obviously, a lot of these people felt that this was having a noticeable effect on their performance at work, with some even admitting to spending in excess of four on-the-clock hours wrapped up in their debt pressures.
Even though meeting their monthly debt repayments and still having enough money left over to pay the regular bills was at the forefront of their financial concerns, more than a third of those approached for comment admitted to devoting work time to worrying about the state of the global economy. However, even with all of this worrying and the ever mounting levels of stress they were under, more than half of those questioned were quite open about the fact that they spent absolutely no time on the management of their own finances each month.
This is symptomatic of the approach to debt taken by a lot of individuals in the UK and is consistently seen to exacerbate their debt problems. Rather than just worry about it, do something! The sooner you face up to debt, the sooner you can seek advice about the best debt solution for you and take real action, the better your situation will be and the easier it will be to clear yourself of bad debt.
Bankruptcies are a last resort for all concerned. Your creditors reclaim a fraction of what you owe them and you risk your home and other assets, not to mention the stigma surrounding insolvency and its impact on your credit rating. Act early and you will be able to take advantage of alternative debt solutions like a debt management plan or an Individual Voluntary Arrangement.