Integrated Family Community Services 3370 South Irving Street, Englewood, CO 80110-1816 Ph: 303-789-0501

More Than Your Credit Score: How Debt Can Affect The Entire Family

The typical credit cardholder in America owes an average of $5,000.00 in debt. Debt is eating into the financial well-being of families. The implications of debt on family relationships are devastating. Further, children are denied opportunities for better education and a better future.

Impact of Debt on Relationships

If a spouse hides his or her debt from the family, then it will ultimately result in outcomes such as a divorce or even bankruptcy. Hidden debts often result from habits such as gambling, drinking and investing in risky assets. Many marriages have collapsed from uncontrolled spending and hidden debts. Even children can see the impacts of debt on them directly. They may be forced to live in a different area or home, and may be denied opportunities for basic education and health care.

Impact of Debt on Health

A family in debt spends more on healthcare. Debt leads to stress related disorders and other problems. The increase in stress for a single person affects the entire family. Children feel isolated, leading to poor grades at school. The emotional and psychological effects of debt can have a great impact on all family members, even if they aren’t aware of the problem.

Impact of Debt on Careers

People in debt are unable to focus on their tasks at work. This leads to poor performance reviews, and stressful relationships with peers and supervisors. Debt issues lead to lower productivity. Even when people begin to make a change and get out of debt, it can greatly impact their career. They may have to take on an extra job or work for another company to keep up with bills.

Solutions to Minimize the Impact of Debt

Debit has become an inevitable part of many people’s lives. It is important to eliminate or reduce debt as soon as you realize that debt is affecting your family’s future.

  • Live within your means: This is easier said than done. You could learn a few things about managing debt, and focus living a simple life. The key is to avoid spending on luxuries that you cannot afford.
  • Move to a Less Expensive Location: If you have a low paying job in an expensive city, then you could consider working in a less expensive city. It will involve moving your family. However, many experts recommend this solution.
  • Seek Professional Help: There are many organizations that will work with you to reduce your debt. They offer debt management solutions, and negotiate with credit card companies to lower the payments.
  • Budget for Kid’s Education: Always ensure that your kid’s educational needs are taken care off. You must set aside a fixed amount towards a college savings plan. Even if it is a very small amount each month, it can add up over the years, helping to ease the cost of education in the future.
  • Apply for Low Interest Loans: You can pay off high interest credit balances with a lower rated loan. You can also use a home equity loan to pay off high interest credit cards.

Whatever your financial situation is, it’s important to reevaluate and determine what changes need to be made to get out of debt and stay debt free. Since debt affects much more than your credit score, it should be taken care of right away for peace of mind and a brighter financial future.

Informational credit to David Reynolds & Associates Inc.

Tim Esterdahl

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We want to recognize Cowboy Moving & Storage for their continued partnership in serving the community and providing needed boxes for the enormous amount food market orders. They personify the age old "Cowboy Creed" ...Live each day with courage...Do what needs to be done...Take pride in your work!.

They want to assist us in helping others "Cowboy/Cowgirl up". They will match dollar for dollar, any donations that are made to purchase moving boxes for the Market - this gives IFCS an equal amount of moving boxes that people make a donation to purchase - go to and add a note to your donation that you want to "Cowboy/Cowgirl Up!"
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