Debt and Mental Health: Understanding the Link and Finding Support
How Debt Affects Mental Health
We believe mental health problems resulting from debt are not taken seriously enough. Giving this subject the full coverage it deserves could open up methods and practices that can force a profound change that might not be popular with some organisations that profit from the industry.
We will never claim to be experts in mental health; this is our way of helping or supporting someone suffering.
Who Is Most at Risk from Debt-Related Mental Health Issues?
The issue with lending money is that almost anyone can borrow at any time, which means absolutely anyone is at risk. The risk can depend on factors such as what is happening in a person’s life at that moment, their current mental and emotional state, their knowledge of the subject, any medical ailments, and their vulnerability.
It is easy to borrow, especially if your credit score is high or you have collateral. However, the lender generally has no idea what the borrower is using the money for or their current state of mind.
Payday loans were, and still are, a classic example of the detachment from the borrower and their circumstances. Shockingly, the Citizens Advice Bureau reported cases of teenagers taking out loans while drunk or suffering from 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 loan debt started surfacing.
What to Do If Debt Is Affecting Your Mental Health
The most important thing you can do if debt is affecting your mental health is to talk about it.
The Real Debt Guy
Why Talking Is the First Step
Talking is the first step because it breaks the sense of isolation that debt can create. Opening up to a friend, a professional, or even someone you don’t know can help you feel less alone and more supported. If you’re worried about being judged, remember that there are people and organisations, like the Samaritans or your GP, who are there to listen without judgment.
You can also visit our Mindfulness section, where we share articles to support your mindset around debt and finances. You’re not alone; we never want you to feel you are.
Coping with Financial Stress
How We Can Help You Manage Debt and Well-being
Knowing your options for handling your debt plays a big part in your mental well-being. Please visit our I need help with debt section to explore all your options, including their pros and cons. We have designed this area to be as stress-free and easy to navigate as possible so that you can find potential solutions to your debt issues.
