Debt from Status Anxiety
A rising problem in the middle classes
Debt from status anxiety is a rising problem among the middle classes in the UK there is an issue the social policy team at Money Advice Direct will be addressing.
What is Status Anxiety?
Status Anxiety is the desire of people in many modern societies to "climb the social ladder" and the anxieties that result from a focus on how a person is perceived by others. The debt advice team at Money Advice Direct feels that anxiety about status is an inevitable side effect of society in the UK. There are many causes of status anxiety such as; Lovelessness, Expectation, Meritocracy, Snobbery, Dependence or lack of status.
How common is debt from status anxiety?
Debt from status anxiety effects 65% of the UK population in once they hit 30 to 40 years old. The problem is enlarged when people start climbing the housing ladder or job market. Some sufferers even have got into debt buying a more expensive car and so suffering debt from car financing.
The advice team at Money Advice Direct feels that people get into debt from status anxiety in today’s society due them striving for happiness, trying to speed up their achievements and in the same time worry about how they are perceived by others.
For many people in the UK, happiness means being successful in our lives and endeavours, but success is relative and is usually measured in comparison to others like us. If the people around us, our equals, have the appearance of greater wealth – the principal outward measurement of success – then our perceptions of our own value and success is likely to suffer.
The solution to debt from status anxiety
The best advice we can offer with regards to people being in debt from status anxiety is not to be dictated to by others and have the independence to make your own financial choices.
Common questions arising from debt from secured loans are the following:
- Long and short term credit - how can debt from status anxiety affect my credit rating?
- How do I prevent debt from debt from status anxiety from affecting my dependants?
- I don't want to become bankrupt. Can I prevent debt from status anxiety causing this?
- If I consolidate my debt from status anxiety, would that be a wise move?
- Now that we have the debt from status anxiety, can I still open a bank account?
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IVA's
The IVA Guide
Money Advice Direct has put together an IVA Guide based on the enquiries and questions that we receive at our helpline offices.
In the guide we cover such subjects as IVA Approval, early settlment of your IVA, missed IVA payments, IVA failure, additional debt claims and much more.
[click here for IVA Guide]
What is an IVA?
The IVA is an extremely powerful tool enabling you to clear your debt and return to a clean financial bill of health. Visit Money Advice Direct's Guide to Individual Voluntary Arrangements (IVAs).
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DANGER
Due to the tremendous demand for debt consolidation services the United Kingdom is now overloaded with debt management companies that contain misleading information. [more...]