Do Nothing
Believe it or not this is a popular choice. A common reaction to the pressure of debt is paralysis (Osterich syndrome).
Advantages
- For a short time can provide a feeling of "if I ignore it it will go away".
- Requires no effort
Disadvantages
- Debts don't go away
- Unconciously, the stress builds up leading to worry, depression or worse.
- Creditor pressure increases (phone calls, letters, harrassment)
- Legal procedings may follow, county court judgements(CCJs), attachment of earnings, charging orders (if homeowner-debt is secured to property and must be paid for when completing a remortgage or property sale)
- Debt collectors and baliffs may call
- Some creditors phone your work
- Relationships are effected
- One in three people who are being treated for stress by UK GPs attribute the debt as the root cause of the stress.
