There is almost universal agreement that being in debt can place a great deal of strain and pressure on a person. This is why it is of benefit for individuals to face up to their financial issues and look to move forward as much as they can. However, it can be difficult for individuals to find a lot of support because some people say that individuals should be responsible for their own actions and behaviour.

This isn’t completely helpful but you can see why some people have this opinion. However, there is likely to be more sympathy and compassion for families that are in debt. This is because while debt negatively impacts on the individual that is suffering financially, when a family is in debt, the entire family struggle. It is fair to say that debt affects whole families and disturbing reports suggest that young children are at risk of poor mental health.

A study issued by The Children’s Society indicates that close to 2.4 million youngsters in England and Wales are part of households that suffer from problem debt. The report indicates that these youngsters are more likely to suffer from a poor level of mental health, especially in comparison to children who live in debt free homes. The report suggests that these families should be provided with additional time and space to pay off these debts or it could have a terrible impact on the health of the youngsters.

Of course debt affects whole families

Of course, there will be complaints that people who don’t have kids should be entitled to the same respect and care that is being advocated here. It is important that children are shielded from problems that they shouldn’t necessarily be exposed to but equally, if having kids means that there is less pressure to pay off debt, there could be a few unfortunate outcomes from that scenario.

There is a need for debt to be taken seriously and this is why all individuals need to look at their own finances. If people are part of a family collective, they need to review the group debt and think about the impact that it is having on people. Taking debt seriously is crucial and there are many ways in which people can take control of their financial situation.

Being in debt can be problematic for everyone involved with the process but families need to take the situation very seriously in order to give their kids the support they need and deserve.