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Financial Literacy Month blog

We hope you enjoy reading some of our thoughts as we join you on the path to financial wellness and we encourage you to yours. If you would like to follow our path on a more micro-level, we will be using twitter to chronicle our days.

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Debt’s far-reaching impact

Posted by Kim McGrigg on 4/13/2008

Yesterday, I set some short-, mid-, and long-term goals; half of which dealt with paying down debt. This is because I know that too much debt is not merely a financial problem. From the thousands of consumers who have written me though the Advice Team, I have learned that financial problems can negatively impact job performance, health, and personal relationships. Debt has even been held responsible for making the job of assembling some of the units needed in Iraq more difficult.

Consider the following:


  • 85 percent of employees use work time to deal with personal financial concerns. Source: www.ethomasgarman.net

  • Nearly one-third of workers admit that money concerns interfere with job performance. Source: www.ethomasgarman.net

  • A study of newlywed couples found that more than 60 percent had serious problems related to their finances. Source: Olsen and Defrain

  • There is evidence that couples' financial problems (including debt) are linked to increased levels of stress, conflict, and marital duress as well as decreased levels of marital satisfaction. Source: Sanchez and Gager 2000.

  • Data supplied to the Associated Press by the Navy, Marines and Air Force shows that the number of clearances revoked for financial reasons is increasing.

  • University administrators state that they lose more students to credit card debt than to academic failure. Source: UtahMentor, 2003

  • An astonishing 40 percent of employees stated that their health has been affected by financial problems. Source: www.ethomasgarman.net

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