Debt Causes Insomnia

John Vaughan (Financial Advisor) @ Lucid Living

People are suffering insomnia as a result of their debt problems, it has been claimed.

The Consumer Credit Counselling Service (CCCS) has revealed 49,826 people called its 24-hour debt helpline or went onto its website, between the hours of midnight and 07:00 last year.

The debt charity said it suspects that many victims desperately try to bury their heads in the sand about their debt problem during the day.

But, after months of sleepless nights, they finally crack during the middle of the night and resolve to do something about their escalating debt problems.

For others, they resort to using the website at night because they are hiding their debts from their spouse or partner.

As a result, they may be unable to seek debt help during the day while they are at work, but are also unable to seek help at home.

A recent report, from the UK Post Office, found one in three people who are in debt hide the true extent of their financial problems from their family.

Commenting on the calls in the small hours, Clinical Psychologist at Lucid Living, Kay Moodley said: “Dealing with unmanageable debt is incredibly stressful so it is not surprising that so many are kept awake worrying about their debts.”

Debt problems are very emotive and often leave people feeling ashamed that they cannot keep up with their credit commitments.’

‘It is not unusual for people to keep their debt problem hidden from their loved ones so middle-of-the-night debt counselling is a way to seek help without their partner and family knowing.’

Does bad debt keep South Africans awake at night?

It would seem that certain human conditions are universal. Lucid Living offers consumers instant online access to their credit reports. During the period January – May 2011, 62% of the credit reports were accessed between 10:30 pm and 3:00 am.