Mortgage problems 'affecting family relationships'
Mortgage problems 'affecting family relationships'
Tuesday, 1 June 2010
3:00 PM
Mortgage issues and other financial problems are continuing to place strains on families, it has been claimed.
The ongoing economic stress of the current financial climate is causing "irritability, marital discord and depression" among parents, according to the University of Strathclyde's professor Kevin Durkin.
Research by the bank suggests that one million families are arguing more as a result of their continued financial woes, impacting parents and older children in particular.
The bank's retail director Steve Reid added: "There's no question that financial concerns create stress in family relationships.
"It's important that people understand that help is available and that the sooner they seek it out the better. Hiding from the possibilities only increases the stress at home and the likelihood the situation will get worse."
Earlier this week, the UK Insolvency Helpline Debt Advice Service's Richard Sorsky warned homeowners not to use their credit cards to support their mortgage payments, which he claims is "financial suicide".
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