Debt & mental health

The effect of debt on your mental health is something we take very seriously.

Mental health problems as a result debt is a subject we believe is not taken as seriously it should be. It’s almost as if giving this subject the full coverage it deserves could open up methods and practices that well... can force a serious change that might not be popular with some organisations that profit from the industry.

We will never say we are experts in the subject of mental health, this is our way of providing any help or support we can to someone who is suffering.

Who is at risk?

The issue with lending money is that almost anyone can borrow at any time, so absolutely anyone is at risk. It can really depend on factors like what is going on in a person’s life at the time, their current mental and emotional state, their knowledge of the subject, any medical ailments and their vulnerability.

It is very easy to borrow, especially if you credit score is high or you have collateral. However, the lender generally has no idea what the borrower is using the money for or what their state of mind is currently like at the time.

Payday loans were and still are a classic example of the detachment from the borrower and their personal circumstances (beyond those that qualify you to borrow that is). Shockingly, the Citizens Advice Bureau reported cases of teenagers taking out borrowing whilst drunk or suffering with mental health issues when the industry was at its peak. Before the Financial Conduct Authority capped the interest rate for Payday Loans, the interest rates were astronomical. It was no wonder that reports of people committing suicide due to their Payday loans debt started surfacing.

What should you do if you are suffering?

The most important thing you should do when suffering with your mental health surrounding debt is to talk about it.

The Real Debt Guy

Talk about it with someone, anyone you feel comfortable with.

You may not feel comfortable talking about your situation with someone you know. You may prefer a stranger, someone who feel won’t judge you (though we’re sure your loved one's wont). The Samaritans may be able to help you or your doctor may be able to provide you with support. Additionally, you can visit our Mindfulness section, where we share articles we believe will help our community and their mindset related to debt and finances. You truly are not alone; we never want you to feel that you are.

How we can help

We find that knowing your options to handle your debt plays a big part in your mental wellbeing. Please do visit our I need help with debt section to explore all the options you have with pros and cons. We have designed this area to be as stress free and easy to navigate as possible. That way you can find possible solutions to your debt issues.

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Budget planner.

Do you know how much you have left at the end of each month? Do you need to send an income and expenditure to a creditor? We've got you covered. Our budget planner provides you with a simple and free way to view and track your spending.

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