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Wellbeing

Are debt worries making you fear for your mental health?

Posted 07 March 2014 by Christine Walsh

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<p>Constantly worrying about debts can put your mental wellbeing at risk, but there is help available. Don’t suffer in silence.</p>

Debt is not something that affects just your bank balance … it can affect your wellbeing too.


If you’re so worried about your finances that you’ve started to feel as though your health is suffering, it might be time to consider seeking advice and support from debt experts.


Earlier in the year, we conducted a survey* that revealed a third of people in the UK worry often or all of the time about their debts … which is equivalent to almost 17 million people. And of these, nearly one in three believed their mental health has been impacted as a result.


Worrying statistic

In fact, people with problem debts are more at risk of experiencing mental health issues, according to the Royal College of Psychiatrists. The health organisation notes that one in four of us will experience a mental health problem during our lifetime … but this statistic climbs to one in two among people with debts.


Sadly, it’s not only people’s mental health that’s at risk when they’re constantly worrying about debts. More than one in four of the people we spoke to who regularly fretted about their finances said they thought their physical health had been affected as a result.


Seeking help

There is a definite link between problem debts and mental health problems, and if you think that fears about your finances have led to your wellbeing suffering, it’s time to seek help.


Taking the first step towards getting help with your debt problem is daunting … but it gets a lot easier from there. In fact, many of our clients tell us how relieved they feel after just the first phone call to us, as they know there is someone they can share their debt worries with who can provide them with expert advice and support.


There is a solution

The other thing we can do is recommend if there are any debt solutions available that suit your circumstances. Fees are payable for these, but they can make managing your debts so much easier and may also mean you no longer have to deal directly with your lenders.


All of this combines to mean you can spend less time worrying about your debts and start to focus on getting better again. Debts are scary, but by getting help you’re taking the first step towards improving your finances - and maybe even your health too.


*OnePoll questioned a nationally representative sample of 2,000 adults aged 18 and over between 10th January and 15th January 2014. Figures have been extrapolated to fit ONS 2013 population projections of 50,371,000 UK adults.

by Christine Walsh

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To find out more about managing your money and getting free debt advice, visit Money Advice Service, an independent service set up to help people manage their money.