‘Debtpression’ is taking its toll on many Brits in the UK, with around one out of every ten resorting to the lottery and gambling to assuage their debt problems instead of seeking out short term loans to get them through the rough spots.
Depression brought about by worry over debt can cause many physical and emotional problems, including suffering from mood swings and low self esteem, feelings of tension, and long nights staring up at the ceiling unable to sleep. While some individuals may resort to taking out short term loans during an emergency situation where they are caught out between pay periods and face going into debt if they do not pay off the sudden expense, others have been suffering from long-term debt problems in the wake of the economic downturn, experts say.
One psychology and finance expert remarked that while it may be a common reaction to ignore debt, doing so will most likely result in making the problem worse. Instead, you need to confront the problem head-on, which will enable you to begin your journey to a healthier financial outlook and finally break the debtpression cycle, eliminating many of the physiological effects of worrying about being able to repay those cash loans you took out without thinking of the consequences, the expert added.
You can better manage your money by taking steps such as checking your bank account regularly and writing a list of your incomings and outgoings, added Robin Taylor, a Co-operative Bank executive. The banking head said that the Co-op has come up with many solutions to aid Brits in learning better money management skills, such as the inclusion of a budget calculator, offering expert advice to those who peruse its website, and eliminating agreed overdraft interest charges against its customers until the end of the month.