Mental Health problems linked to debt.

This week is Mental Health Awareness Week. 

Mental Health Awareness Week is hosted by the Mental Health Foundation. It takes place from Monday 13 to Sunday 19 May.

Debt a ‘major factor’ in mental health problems.

A major factor and one of the biggest contributors to mental health problems is debt.  Personal debt levels have risen as people and households struggle to pay for essential day to day living costs.

One in three of us regularly worries about money. This has a negative impact on mental health.

Consequently, this week consumer groups, charities and debt advice companies are urging those in debt to seek help.  The earlier people seek help the more they will avoid a downward spiral in their health and wellbeing, say debt advisors.

Being in debt has been identified as a major factor for those suffering stress and anxiety.  These often feed into each other and create a vicious cycle.  For many people, they cannot see their way through.  This is why it is so important to talk to a good debt advisor.

“Double stigma around mental health and our money.”

Debt is often a major factor for those suffering from stress and anxiety, and the two issues can feed into each other, creating a vicious cycle.

Helen Undy, chief executive of the Money and Mental Health Policy Institute says the situation is often compounded by the double stigma around mental health and our money.

“It can make it difficult for people to open up about what they are going through and seek help. This has to change as it is destroying lives.”

In March the Institute published its latest research.

It found a strong correlation between debt and mental health. Those with mental health problems were three times more likely to be in debt. 46%, nearly a half, of all people in debt said they also faced a mental health problem.

Undy has urged the government and regulators to do more to ensure the financial services and debt collection industries support those falling into debt, particularly where the problems are compounded by a mental health condition.

Direct link between control of finances and mental health.

Many people who have experienced debt problems and who as a consequence have mental health issues such as depression and anxiety feel there is a direct link between feeling in control of their finances and their wellbeing.

A recent survey strongly echoed this. As well as 35% of people saying they regularly worry about money so much it affects their mental health, it also found that those in debt felt out of their depth when trying to get their finances sorted out. For almost seven in 10 people, 67%, a key element of feeling “financially well” was being in control of their money and not overspending.

Dr. Jed Boardman a consultant psychiatrist and senior policy adviser at the Centre for Mental Health said :

“Although we’ve come a long way and there is less stigma around mental health and debt problems, for those struggling, they often see it as a personal failure. Many talk about the shame associated with debt, so they don’t want to speak up even when they are in crisis. If they are already anxious or depressed, it can be hard to keep things in perspective.”

If you are struggling to manage your debts, or your finances feel out of control, it is important to take action quickly.

Debt advice charities and debt advisors regulated by the Financial Conduct Authority, such as Ramsey Lomax,  are free and impartial, and can help you (or someone acting on your behalf if you feel unable to do so) negotiate with your creditors.

Under the lending code followed by most banks, building societies and credit card companies, creditors are required to treat those in debt, and particularly those with mental health issues, sympathetically and help find solutions by way of a reasonable repayment plan.

One charity says: “I would encourage anyone worried about money to seek free, independent help as soon as possible. More than one-third of people wait more than a year before contacting us, during which time their situation can worsen.”

And Laura Peters, head of advice and information at the charity Rethink Mental Illness, says: “The most important thing to remember is that there is no shame in asking for help. Services like ours specialise in helping people take the first steps to improving their financial and mental wellbeing.”

“Talking through the problem with a good debt advisor is often the turning point.”

Experiencing ‘financial fear’ and the stress and anxiety that comes with it can make us feel helpless. It can take a huge effort to take the first step.  At Ramsey Lomax, we understand that.  No one asks to be in debt.  We treat everyone with respect and compassion. We know how difficult it was to take that first step.

If you are struggling with debt problems, Ramsey Lomax can help. contact Ramsey Lomax.

Ramsey Lomax.

“over 12 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 12 years of dedicated advice.

Find out how Ramsey Lomax can help you and if you qualify to write off up to 80% of your debts.