Debt Reduction – How Others Being In Debt Affects You

debt stressWhen it comes to debt and debt reduction, we almost always talk about it in regard to the individual. If you are debt free, you might feel that a co-worker being in debt has little to do with you, but in reality it probably has a lot more to do with you than you ever considered. How you might ask? It doesn’t take much to know that anyone under financial stress doesn’t work optimally and if your co-workers are not working at their best, that means more of the load likely ends up on your desk. If you happen to be a manager, the situation is even worse. You have employees who aren’t working efficiently or effectively on the work you need accomplished because of financial issue

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6 Responses to Debt Reduction – How Others Being In Debt Affects You

  1. samerwriter says:

    My advice for helping your coworkers stay out of debt…

    Don’t flaunt nice possessions in front of them. I’ve seen numerous people buy/lease BMWs or other luxury cars that I’d bet they can’t “afford”, because everyone else seems to have one.

  2. April Benson says:

    I couldn’t agree more with the point of view of this entry, that workplaces need to help their employees use their money mindfully.As a psychologist who specializes in working with people that shop too much, I have seen people getting fired for using the Internet excessively to shop during work hours. I’ve also seen people that were passed over for promotions because they were so distracted by worry about their debt, that their work performance suffered. I’ve seen people working two and three jobs just to pay the ever increasing minimum payments on their credit cards because they keep buying stuff they don’t need and won’t use.

    April Lae Benson, Ph.D.

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  4. BigBuddha says:

    This is a subject that I have often thought about, I work in the finance industry and I’ve at times offered to provide FREE seminars to schools and businesses in regards to basic money management and the perils of personal debt. Some take it up some don’t but for those that take up the offer they always seem to have a light switch that goes turns on in their eyes. Financial trouble is a major cause of marital breakdown and in turn adversely effects attitudes at work, if workplaces looked to try and nip money troubles in the bud then they can save alot of hassles later on ..

  5. Remember, if the higher-ups at your workplace won’t start classes, they might be willing to support an employee-led group, especially if focused on a well-known book such as “Your Money or Your Life.” Even if they can’t see the connection between productivity and debt-related stress, they CAN see the benefits of employees bonding, and supporting each other over non-work-related issues. I hope.

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