Debt Advice Could Help Relieve Money Anxiety
on: October 21, 2009, 6:32 am
Author: Melanie Taylor
to a survey which found that two thirds of 18-24-year-olds frequently
feel stressed or anxious - with money worries being cited as a
main cause - insolvency specialists the IVA Advisory Centre said
that anyone feeling anxious about their money problems should
seek financial advice.
company added that anyone facing debt problems should speak with
an expert debt adviser about ways of clearing their debts.
survey carried out by YouGov found that 66% of people in the 18-24
age group felt stressed or anxious at least once a week, with
money and job concerns cited as the main cause.
all age groups, 45% of respondents reported money worries as a
main cause of anxiety, with 33% saying the same about their job
said they would seek support from friends or family in this situation,
but almost a third (31%) said they kept their worries to themselves.
survey is by no means the first to link money worries with anxiety.
Earlier this year, the London Health Forum estimated that 250,000
Londoners suffer from mental health problems as a result of debt,
at a cost of £450m a year to the NHS.
spokesperson for the IVA
Advisory Centre said that anyone feeling anxious due to money
problems should seek advice on ways to improve their finances
as soon as they can.
spokesperson added that if financial difficulty leads to debt,
the borrower should not hesitate to get debt advice at the first
sign of problems.
in debt can be an extremely worrying situation, so it's no wonder
that this has contributed to a lot of worry and anxiety.
many people, part of the worry is that they feel like there is
no way out. However, there is a lot an expert debt adviser can
do to help people in debt, even if the borrower can't see any
way of ever repaying the debt in full.
some cases, a few words of advice might be all it takes. Some
people find that they can make more room for their debt repayments
by keeping to a strict budget, while others might be able to find
areas in which they can cut back and reduce their outgoings.
course, not everyone's problems are as easily solved as that.
For people who simply can't afford to repay their debts, a debt
adviser may be able to recommend a debt solution that could help
them to reduce their debt repayments to a manageable level.
people who can't afford their existing repayments but can afford
to repay the debt in full over a longer period of time, a debt
management plan could help. Or, for people who can't see any way
of ever repaying their debts, an IVA could help them to avoid
bankruptcy and its potential downsides, such as the repossession
of their home.
it's important to remember that bankruptcy can be the best option
for some people. Because everyone's circumstances are different,
anyone looking to clear their debts should speak with a debt adviser
to help establish which debt solution best meets their needs."
Contact Details: IVA Advisory Centre
South Langworthy Road
0845 056 6480