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Debts far-reaching impact
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For more information contact:
Tanisha Warner (713) 394-3202 |
Release Date: October 31, 2006 |
Debt is not merely a financial problem. While the numbers are problematic, consumer debt currently stands at more than $2.3 trillion, debt troubles extend far beyond finances. In fact, American adults spend up to 80 percent of their waking hours either earning, spending, or thinking about money (Olsen, 2003). Experts believe that financial problems can negatively impact job performance, health and personal relationships. Debt is even responsible for making the job of assembling some of the units needed in Iraq more difficult.
Consider the following:
85 percent of employees use work time to deal with personal financial concerns. Source: www.ethomasgarman.net
Nearly one-third of workers admit that money concerns interfere with job performance. Source: www.ethomasgarman.net
A study of newlywed couples found that more than 60 percent had serious problems related to their finances. Source: Olsen and Defrain
There is evidence that couples' financial problems (including debt) are linked to increased levels of stress, conflict, and marital duress as well as decreased levels of marital satisfaction. Source: Sanchez and Gager 2000.
Data supplied to the Associated Press by the Navy, Marines and Air Force shows that the number of clearances revoked for financial reasons is increasing.
University administrators state that they lose more students to credit card debt than to academic failure. Source: UtahMentor, 2003
An astonishing 40 percent of employees stated that their health has been affected by financial problems. Source: www.ethomasgarman.net
Because the stakes are so high, it is imperative that consumers seek assistance at the first sign of financial trouble. Debt may be an epidemic, but there is definitely hope for recovery, said Cate Williams, vice president of financial literacy for Money Management International. If you are having problems, put away the credit card and seek help immediately. With help from a nonprofit organization, consumers may be able to successfully manage their debts and avoid the significant and far-reaching side-effects, added Williams.
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Money Management International, is a non-profit community service organization that provides confidential financial guidance, counseling and debt management assistance to consumers. MMI helps consumers trim their expenses, develop a workable budget, lower their debt payments and repay debts. Services are available by phone. To visit with an MMI counselor, call toll-free 1-800-762-2271- 24 hours a day, 7 days a week. Spanish speaking counselors are available. Consumers can also learn more by visiting the MMI home page at www.moneymanagement.org.
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