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Wellbeing

Are your debts giving you sleepless nights?

Posted 21 January 2014

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<p>Sleepless nights, strained relationships and trouble doing your job are just some of the side effects of worrying about debt.</p>

If they are you’re definitely not alone, as our research* has found that more than half of Brits who are worried about debts like loans and credit cards are kept up at night by the stress.

We conducted some research* to mark Debt Awareness Week, and discovered that debt is a constant worry for one in eight of us. In fact, only 6.5% of respondents who had debts said they didn’t ever worry about them.

Sleepless nights

Most of you may be feeling the pinch more than usual following a festive season that probably saw you splashing out on gifts for your friends and family and buying enough food to serve up a real Christmas Day feast. However, for some people debt worries are not just affecting their bank balances, but also their health and happiness.

Of the people we spoke to who are worried about debt, more than half said their concerns were keeping them up at night. We all know how hard it is to get through the day when we haven’t slept, which might explain why 15% of these borrowers admitted debt worries were also having an impact on their performance at work.

A worrying problem

It’s perhaps not surprising that many of our respondents felt the stress had got so bad it was having an effect on their relationships. A third of people worrying about their debts believed their relationship with family members had become strained as a result, and 14% blamed the stress for difficulties with their friends.


However, the most worrying finding was that, for some, debt fears are affecting their health. A third of people with debt worries felt their mental health had been impacted as a result, while more than a quarter had noticed a difference in their physical wellbeing.


If you have been having trouble sleeping, you’re worried about your health or your personal relationships are strained, you may find it helps to speak with an expert debt advisor.


Ian Williams of the Debt Advisory Centre says: “It is particularly worrying that many of those with debts feel their health and wellbeing is being affected by it. If you can’t sleep at night because the stress of debt is keeping you awake, or if you think it’s causing your relationships to suffer, then it is probably time to seek expert debt help.” As it’s Debt Awareness Week, there’s never been a better time.


*OnePoll questioned a nationally representative sample of 2,000 adults aged 18 and over between 10th January and 15th January 2014.

by Christine Walsh

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To find out more about managing your money and getting free debt advice, visit Money Advice Service, an independent service set up to help people manage their money.