How Debt Can Affect a Family

Being in debt is a very harrowing experience and affects all areas of an individual’s life and affects their family as well.  The level of debt varies from family to family, but the effects appear to be the same. People are suffering from distress and stress, depression and aggravation of illnesses, such as diabetes.  We have also found that the level of communication is also a factor in how the families deal with their debt.  Do couples talk about their debt, or is it hidden from each other?  It appears to be important that the couples have talked about how the debt has arisen and if one person has created all the debt, that individual has “confessed” all of the debt that has been created.  Debt can result in family trauma, for example separation and divorce, and there is hearsay evidence to say that 99 per cent of all bankrupts are either separated or divorced. Continue reading