6 Ways Debt Affects Relationships, It is predicted that nearly a third of UK adults will be cash-strapped before January ends. That’s not the kind of start to the year anyone needs.
But this is the grim reality of today amid a burgeoning financial crisis. After
spending early December paying winter bills and holiday shopping, more and more
people are short on cash, staring at debt and looking for the best payday loans as a
solution.
However, we don’t realise the effect of debt on our relationships.
Unpaid debt can quickly add up and affect your financial situation and have far-
reaching consequences on your family dynamics and relationships. It can cause
mistrust and conflicts that strain relationships with your loved ones. At worst, it can
cause a complete and irreversible breakdown.
This article takes a look at the 6 ways debt can take a toll on your relationships.
Table of Contents
1.Breakdown in Communication
Couples and other family members avoid openly discussing money issues, which
can result in miscommunication. Individuals dealing with debt may feel ashamed to
discuss their financial problems, fearing judgment or blame, and hide their
problems from their partners and family members. Hiding the issue can
overcomplicate the problem.
Instead, communicate with your partner or family members freely and honestly to
address the issue in time and arrive at a solution as a team.
2. Raises Trust Issues
Keeping your partner and family in the dark about your financial troubles can cause
trust issues. You may think you’re protecting them from the grim reality of these
issues, but they may feel shocked once they discover what you’re hiding from
them. Over time it can chip away at the level of understanding and trust you’ve
built with them.
Once broken, trust is very difficult to build again, casting shadows of doubt on
every action or decision you make, financial or otherwise.
3. Breeds Bitterness and Blame
The stress that high debt brings can breed bitterness, prompting family members to
play the blame game, especially when one individual feels the burden of the
negative effect of financial decisions made by the other.
Let’s say your partner stops contributing their share of the expenses or overspends.
You may have to bear the brunt of the shortfall, which can leave you feeling short-
changed. If this pattern continues, conflicts and arguments can follow, leading to
resentment and eroding trust between the members.
4. Impact on Well-Being
The impact on mental and physical health is a side effect of debt that people realise
much later. Mounting stress due to debt can bring on anxiety, irritability, sadness
and even depression. Along with the emotional and mental challenges, debt-related
stress can also lead to various physical effects, including chest pain, insomnia,
dizziness, and high blood pressure.
These mental and physical symptoms can impact your behaviour and choices. You
may think twice before accepting an invite to a social event. You may find yourself
low on energy to participate in activities you love and enjoy with your family. In
this way, debt can have an indirect impact on your well-being and negatively affect
your relationships.
5. Jealousy and Comparison
Being buried in debt can be a burden that’s not easy to shake off. Feelings of
jealousy may crop up when interacting with other debt-free people in your life.
Instead of solving the issue at hand, you may put your energy into comparing
yourself and your situation with others. This may leave you feeling inadequate,
affecting your self-esteem and further putting unnecessary stress and strain on
your relationships.
Instead of focusing on what others have, divert your attention and energies into
working with your loved ones to create an action plan to pay off pending debt and
regain financial stability.
6. Long-Term Impact on Children
Children often suffer the consequences of their parents’ bad financial decisions
while silently watching them struggle to make debt payments. Along with their parents, they may also experience stress and anxiety from the pressure of debt in
the household.
If unaddressed, children can experience emotional upheaval affecting their
academic and personal abilities. As debt grows, parents may need to cut back on
their children’s support, investments, and savings and divert the money to pay off
the debt.
Debt troubles can bring on feelings of inadequacy and guilt in parents from being
unable to give their children the best of opportunities.
To Sum Up
Being deep in debt is not only an unfavourable financial situation to be in but also
invites a barrage of relationship troubles. The stress and pressure of debt can bring
in a lot of conflict, mistrust, resentment, jealousy, unnecessary comparison, and
bitterness in your relationships and family dynamics. It can also indirectly impact
your mental and physical health and affect your children’s future.
Your financial journey is different from the others. It’s also important to remember
that your relationships last longer than your debt. Prioritise paying off your debt to
avoid its far-reaching consequences on all your relationships.
