When most people think of how they would feel if they were in
debt, they imagine experiencing despair and fear. However, new
research shows that a large proportion of debtors actually adopt
a pragmatic approach to their situation.
Debt Causes Stress and Despair
Being faced with debt does cause many people to feel stressed
and unhappy. In fact, a quarter of people in debt receive
treatment for stress, depression and anxiety from the NHS.
Furthermore, the despair caused by financial problems is also a
key reason why many couples break up.
Pragmatic Attitudes to Debt
However, there is another large group of debtors who adopt a
pragmatic attitude to their predicament rather than struggling
with feelings of fear and being out of control.
New research carried out by the Clear Start Consumer Debt
Service suggests that living with increasingly high levels of
debt has become an accepted and normal state of affairs for many
people. For these people, debt is considered to be an inevitable
and likely permanent feature of everyday life.
The Clear Start studies suggested that 47% of UK consumers say
they are happy to have short-term debt to allow them to buy the
things they want.
Reason for Pragmatic Attitude to Debt Problems
One of the main reasons for this increasingly prevalent attitude
to debt is the disappearance of the Puritan Work Ethic. This
stressed the importance of saving over spending and its erosion
has led to the social acceptability of debt.
Benefits of a Pragmatic Attitude to Debt
The good thing about this is that people with a pragmatic
attitude to debt are less reluctant to admit that they have
problems and to seek help. After all the reason most frequently
given by debtors for not getting help is that they were
embarrassed and ashamed about their problems. And when it comes
to debt, getting advice from impartial sources as quickly as
possible is crucial in resolving problems speedily.
These days there are so many debt solutions; such as the
government introduced Individual Voluntary Arrangement (IVA).
The IVA is an alternative to bankruptcy which allows people with
debts of over £15,000 to make affordable monthly repayments and
have the amount they owe reduced. This means that there are
solutions to meet nearly all situations.
By adopting a pragmatic attitude towards debt, people in
financial difficulties are able to get the help they need so
that they can identify the best solution for them and make a
fresh start.
About the author:
Clear Start is a free UK consumer debt advice line. Please visit
the website for
free and
impartial debt advice or telephone 0800 138 5445.
