Overdue debts negatively affect relationships and family

Every tenth debtor struggles with feelings of depression, and 8 percent experience stress, nervousness, or fear. More than 12 percent of respondents directly confirmed that their overdue debt has damaged their interpersonal relationships, with almost 8 percent experiencing constant arguments and 4.2 percent losing the trust of their loved ones.

"I'm hiding it so they don't know, and it's weird. The family is pressuring for payment and makes it quite clear that one is irresponsible in this matter. It was a tense situation; I had nothing to pay with and had to borrow for the installments. In everyone's eyes, I was insolvent, irresponsible. My family blames me for my mistake and wants to disinherit me. Since I'm nervous, I tend to be unpleasant to them. I have depression, I sleep poorly, I can't handle it. If I died, they would have to pay it off for me. I can't even go on a small one-day trip with my son. I'm afraid to spend even one cent on myself when everything is expensive. I refuse all invitations to family celebrations so I don't have to buy gifts because I have to pay off debts, I don't celebrate any of my own holidays, and I don't invite any family over because I can't afford to host even the closest family."

Overdue debts are therefore not just a financial problem. "It is important to pay attention to financial literacy and preventing the creation of bad debts," states Peter Dvornák, director of EOS KSI Slovensko. A bad debt could be, for example, paying for a holiday that exceeds an individual's financial means.

The survey results also showed that the relationship impacts of debt vary significantly by household type. The most vulnerable groups are single parents with one child – up to half of them confirmed that debt negatively affects their family life. An even higher proportion, 52 percent, was reported by adults living with their parents without financially contributing to the household.

"For adults living with their parents, a feeling of dependency and reproach often accumulates, which can deepen tension and disrupt relationships. Single parents, on the other hand, bear the entire financial burden alone and live in a sensitive situation where every expense puts pressure on the budget," states Executive Manager Peter Čanda.

People with basic education from the Prešov and Trenčín regions are most affected by the disruption of relationships caused by overdue debts. Surprisingly, it is not always just people with the lowest income. Negative impacts are also reported by households with an income of up to 1800 euros.

As many as 11.3 percent of respondents with debts admitted to borrowing specifically for a holiday. However, a short-term break can have long-term financial consequences. While the holiday experience itself lasts only a few days, repaying the loan can stretch over months, sometimes even years – often with high interest rates.

"Resting on holiday is important for mental health, but financing it should not jeopardize the financial stability of the individual or the entire household. It is much more sensible to choose a cheaper alternative, plan ahead, and build up a financial reserve than to borrow and later face the risk of indebtedness or debt traps, and the associated pressure on relationships and mental health," advises Peter Dvornák, director of EOS KSI Slovensko, in conclusion.

• Internal feelings: 10% feel depression, 8% stress, nervousness or fear, 4.2% a sense of exclusion, 1.9% shame, and 0.4% dependency.
• Disruption of relationships: 12.6% of respondents confirmed a general disruption of relationships, 5.4% worsened relationships, and 4.6% a significant impact on interpersonal relationships.
• Communication problems: 7.7% experience constant arguments, 3.1% feel that their loved ones do not talk to them, and 1.1% reported worsened communication.
• Loss of trust: 4.2% of respondents admitted to a loss of trust from their loved ones due to debt.

• Agreement with the statement "My overdue debt affects my relationships with family and friends": 27.9%. Above-average agreement was expressed mainly by younger people aged 18–49, men, people with basic or secondary education without a high school diploma, and respondents from the Prešov and Trenčín regions. A stronger representation of affirmative answers was recorded in households with lower income (up to €1800), single parents, and adults living with their parents. Two-thirds of people with overdue debts agree with this statement.
• Disagreement: 34.7% disagree completely.
• Uncertainty: 17.8% of respondents could not say.