Debt issues harder for the bereaved

It has been reported by Consumer Credit Counseling Service (CCCS) that there was an increase in the number of phone calls they received from bereaved people whose major concern was their ability to repay loans after the death of a loved one.

They complained that they couldn’t bear the anxiety and despair brought about by the calls from creditors asking for repayment of loans left by the deceased. Their bereavement coupled with inability to control their finances was too much for them.

Laura Carver, of CCCS helpline, says that people with children who have to pay off loans should think about what would happen if they die. Those whose spouse or parents died should talk to the creditors about their financial situation as the latter are likely to be sympathetic.
 


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The cultural transformations that have made people accept life in debt have had a direct impact on the approach youngsters take to money matters, which could lead to negative consequences in the long run as many of the next generation would resort to IVAs to cope with serious financial issues.

When we put efforts into our work and get paid for this, we get an amazing feeling of satisfaction. Our hard hard work seems to have been remunerated financially. We go shopping and buy the items we need and the items we simply want.