The Effects of Debt on Mental Health

For the growing majority, Mental Health is no longer a taboo illness, in fact it is fast becoming one of the most searched and documented subjects online. But as we are beginning to open up more about our state of mind and what impacts us, it appears that debt is still very much a forbidden topic of conversation, due to the social stigma attached to it.

It is thought (or was) by many, that debt is avoidable. A series of bad financial choices, or frivolous spending causes a person to fall into financial hardship. However, over recent years, the economic crisis that business and employers have been facing, is forcing them into making tough choices, and as of February 2022, it is believed that 3.8% of the UK is now unemployed. A rise in 0.2% since Covid 19 first struck. With unemployment, comes the uncertainty of being able to afford the lifestyle you have become accustomed to, especially in the current financial climate.

As unemployment grows, debts mount and experts across the globe credit the worries of financial hardship, as a key contributor to poor Mental Health. One in four adults will now have a mental health problem at some point in their life. With one in two adults suffering with debt, declaring a mental health problem. But the issue isn’t always this way around. It is noted in a number of global studies, that one in four people with a mental health problem are also in debt. Debt can cause - and be caused by - mental health problems.

So how do we address this? Well it sounds so simple, but the first step is acknowledgement. Either of your health, or your debt. Before you admit you have a problem, you cannot address it. Once you have come to terms with the fact you need help, you must then seek it. See a professional about you mental state and do not be scared to share with friends and family. Then, you can speak to an expert in debt management, to support, advise and help with a solution to aid your financial worries.

At X-debt, we support people who feel they have no way out. No support, no hope and no idea of how to clear debts to help get back on their feet. We are NOT councillors, but we are accredited and expert debt management professionals who have helped hundreds of people find a viable answer to their debt questions.

Do not suffer in silence. Don’t let debt impact on your Mental Health. Contact us today.