Cost of smoking and debt

Smoking can pose serious consequences for your overall health. This includes increasing your risk of lung and gum disease. According to theTobacco Manufacturers’ Association, the current recommended retail price for a pack of 20 cigarettes is £6.95, so smokers on 20 a day for 365 days a year would pay a staggering £2,537. Smokers also cost the NHS a staggering £5billion a year. With No Smoking day taking place earlier this week, for those who fail to take the habit seriously, here is an outline of the key risks posed by the nation’s nicotine addiction.

Smoking damages your insurance health

The cost of life insurance goes up by around a third for smokers. MoneySupermarket found that non-smokers can make considerable savings on combined CIC and life insurance policies. For example, a 30-year old male wanting £150,000 worth of cover over 25 years could save at least £5,490 with Aviva over the term, or £18.30 per month.

Increased risk of developing life-threatening diseases

According to data published on the BUPA website more than 114,000 people die each year from smoking-related diseases.

Cancer: 9 out of 10 lung cancers are caused by smoking, both active and passive. Contrary to popular belief smoking hand-rolled cigarettes is not safer than smoking ready-rolled, in fact the former increase your risk of developing mouth cancer.

Heart and circulation: A 20 plus a day habit could increase your chances of having a stroke four-fold compared to those who don’t smoke. You are also 16 times likely to develop circulation problems and to develop blocked blood vessels in your legs or feet.

Smoking puts a dent in your budget

As well on saving on insurance costs, quitting smoking can serve to boost your budget. As an example if you started smoking at 16 and continued at today’s current price until you were 30, those 14 years would cost you £35,518. If you quit at 40 you will have already done considerable damage to your health, skin and teeth and cosmetic work can cost upwards of £300. Lianne Rispoli, director at Hertfordshire-based beauty consultancy, said: “By the time smokers reach the age of 35 to 40, their teeth are discoloured or even permanently stained yellow so whitening treatments are especially popular among this group.”

If your smoking habit has added to your debt mountain, you may benefit from seeking out a professional debt management service.

Declan Murray

Declan Murray has worked at Clearstart since it was acquired by it’s parent company, Fairpoint Group, in 2007. As a senior debt advisor Declan works alongside specialist Insolvency Practitioners and advises customers on all aspects of their debt including IVAs from first call right through to closures.

Declan has been an active forum specialist since 2009 on – a popular, award winning forum providing IVA support.

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Cost of smoking and debt

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