Emotional and psychological impact of debt on Australians revealed in new report commissioned by Debt Rescue

A new report commissioned by Debt Rescue has revealed for the first time the negative, emotional and psychological impact that excessive debt is placing on individuals and families around Australia. Two in three (63%) say it has caused them depression while the same amount suffered from anxiety.

The report, “Debt, stress and you: The emotional and personal impact of Australia’s love affair with debt”, surveyed 70 Australians that had already looked for formal assistance from a debt rescue service provider to resolve their debt issues.

Commissioned by Debt Rescue, the report discovered that the majority of respondents (83%) said their debt levels had caused them stress, with 86% saying it is important that services address the psychological and emotional impact, and not just the financial implications.

Debt had caused some kind of relationship issue for 59% of those surveyed with one in four respondents (26%) saying their debt problems had come between them and their spouse, or partner (18%), or family (15%).

Craig Francis, a director of financial management franchise company Debt Rescue, believes the report highlights the importance of being able to manage debt “holistically”, taking into account the emotional and personal impact of debt as well as the debt itself, in order to get things back on track.

“Debt doesn’t just affect the hip pocket. The stress caused by debt has a knock-on effect that impacts on life at work, at home and with friends. To face up to and manage debt successfully you must tackle it holistically with professional advice on finance, health and long term money management”, said Mr Francis.

“We’ve known for many years about the extent and prevalence of debt problems. Now we are learning more about the emotional impact in terms of mental health, anxiety, depression and relationship breakdowns.”

The report was launched by Debt Rescue to raise awareness of the need to address emotional and personal problems associated with debt stress, rather than just focusing on the debt itself.

Debt Rescue is a financial management franchise business that provides positive solutions to meet individual needs of clients in a professional, supportive and holistic way.