Recent findings from a leading charity show that seeking advice about help with your finances can improve health and wellbeing.
Seeking advice about your debts can make improvements to your wellbeing. Within weeks, according to a new report.
The charity says the findings are good news for people where debts are having an impact on their health.
The link between debt and depression is well documented, with money worries causing sleepless nights, stress and uncertainty.
“seeking help to tackle financial problems will also improve your wellbeing.”
So say the debt charity. The findings come after the charity followed up on their clients three, nine and 15 months after their first debt advice session.
Two-thirds of respondents felt less worried after three months.
At just three months two-thirds of clients said they worried less about their debts than they did before receiving advice.
Four in five said they were “feeling more confident when dealing with creditors.” And better equipped to deal with day-to-day life.
After seeking help clients considered they’d overcome their financial crisis. They reported improved sleeping and feeling more confident.
At this stage, 60% of clients said that their overall financial situation was better than before seeking advice. And more than one in 10 said that their debt problem was now completely sorted.
The steps to better financial security – 3months – 9months – 15months explained.
People still behind with household bills had more than halved, from 40% in arrears on at least one household bill, to less than one in five.
At nine months people had more stability and financial independence. They were in better control of their finances and were making greater progress in sorting their debts.
At 15 months after seeking advice, clients were on the path to recovery and starting to manage money for the long term. And progressing to financial good health.
An overwhelming majority of clients (95%) said the support had helped their chances of getting back on track with their finances.
Three quarters were keeping a closer eye on spending and two-thirds were not using credit as much and sticking to a budget while 40% reported switching to cheaper deals.
The charity commented:
“The research clearly shows the positive effect that debt advice on clients’ lives. We know from this report that resolving debt doesn’t follow a smooth path, reflecting the complex and shifting challenges people face on the journey to being debt-free.
“Yet we can see the clear benefits of asking for help. Just three months after coming to us, the majority of clients are able to sleep better, were feeling more confident in dealing with their creditors and felt better able to deal with the challenges of day-to-day life.
“We know that many people struggling with debt will wait for up to a year before they seek advice and in that time things can become more difficult, so I urge people in difficulty to not delay and contact a free advice provider. We know that there can be light at the of the tunnel even in the most difficult circumstances.”
“over 11 years of dedicated advice.”
“People struggling with debt should seek help as early as possible.”
This is good advice from a leading debt charity. Taking the first step is always difficult but it is vital. There is help out there and solutions that can help, but you need to take the first step towards getting good debt advice. We have listened to the stories of 1000s of people and are constantly striving to help them. It is our mission to explore all their options and find a solution to help them become debt free. And what’s more, we have helped 1000s to achieve their goals since 2007, over 11 years of dedicated advice.