Reduced NHS funding; How it relates to families

Many people will have to rely on credit card debt to make ends meet.

09:25 29 April 2013

Concerns about the state of NHS illuminate the possibility of a huge gap between the funds needed by the populace, and what may be available in the future. While medical concerns and costs are an utmost concern, it’s important to also consider the other financial ramifications.

 

This relates to the likes of increased credit card debt, which may occur as people try to fund gaps.

 

Effects of insufficient NHS funding:

 

• Untreated medical issues
• Potential widespread illnesses
• Increased need for savings accounts among general populace
• Increased credit card debt to cover medical expenses
• Substandard medical treatment
• Potential for reduced staff or wages to compensate for lack of funding
• Reduced coverage for elderly needs

 

There are additional issues which would be distantly related to insufficient NHS funding as well, such as the accumulation of credit card debt. For those who have significant amounts of debt, it may end up being more than they are able to handle which could result in some of the following:

 

• Increased interest rates for those who were not able to pay their bills, as well as for those who simply want to have a credit card for emergencies.

 

• Bank losses due to customer inability to repay the credit card debt.

 

• Stress from litigation and other collection activity.

 

• Weakened immune system and increased vulnerability from stress and depression related to debt.

 

• Potential loss of property such as vehicles, homes, or other assets to cover the amount of credit card debt.

 

Since many people may use a credit card as a way to try and make up any difference in health services, if necessary, this could further endanger the economy as well as many families.

 

It is imperative to plan ahead so we will be able to pay for services, or maintain payments on credit card debt, if this situation should come about.