While there are numerous negative effects of debt on a family, there can be positive effects as well. If the family takes the bad situation and uses it as motivation to change, it can have a unifying and healing effect on the family. However, if the debt becomes a bigger player in a family than can be handled, it could lead to the breakup of a family unit.
Stress and Arguments
Debt, large debt especially, can lead to stress and arguments. If one spouse is causing the increase in debt more than another, it can lead to a fight. Additionally, if debt causes bill collectors to call, it can lead to more stress. When one person is in debt, that one person worries about getting out of it. However, when a whole family is in debt, each member is worried, which increases stress.
Budgeting Constraints
When a family is in debt, more of the monthly income is spent on debt repayment than oftentimes everyone would like. This means that the family has to make hard choices about how to reduce expenses. This budgetary constraint typically causes even more arguments and resentment if one family member feels as if she must sacrifice more than another.
Better Communication
However, if a family works together to decrease their debt, this process can lead to better communication. The family as a whole will begin to make financial decisions, which can help prevent future debt or lessen the family's reliance on debt as a means of survival. This increased communication may ebb and flow during the debt repayment process, but, it can be a powerful tool for future family harmony.
0 comments:
Post a Comment