The Effect of Debt on Mental Health in the United Kingdom

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The Effect of Debt on Mental Health in the United
Kingdom 0 Comments / Case Studies / By
Viv1 There is no getting away from the fact that
money and mental health are connected. Now, as
the UK faces one of its most significant cost of
living crises in decades, there is no doubt that
peoples mental health will be hit. Is there any
Connection Between Mental Health and Debt? When
you are struggling with your mental health, it
makes earning money a lot more difficult. Not to
mention that once you have earned that money,
managing it becomes an issue. When you find
yourself getting into debt, this can trigger
mental health conditions or worsen existing ones,
such as stress, anxiety and depression. How Do
People Manage to Get into Debt? There are several
common misconceptions when it comes to debt. Many
people think that people find themselves in debt
because they live a lifestyle that others deem
excessive and spend far too much money in places
where they dont need to. This isnt the case.
The fact is that some of the most common triggers
of debt are unemployment and redundancy. This can
happen to anyone, regardless of their attitude
towards money. A number of different life
changes that will affect all of us can result in
you struggling to pay your household bills. These
include losing your job, struggling with mental
health issues and separating from your
partner. Anything that means you have to change
how you live and adjust financially can result in
debt. More pressure is added to personal debt
because of the risks of seeking help. Many
businesses, which are their own separate legal
entities, will reach out to different recovery
schemes upon finding themselves in debt. It is
harder for individuals to do this because they
worry about potentially finding themselves in
more debt. The Connection Between Mental Health
and Debt There are several reasons why struggling
with your mental health can make it more of a
challenge to stay on top of your
finances. Depression comes with various
symptoms, but many people who suffer from
depression struggle to be able to do much. This
means they wont have the energy or motivation to
keep on top of their money or go out and make
more money. Not to mention, depending on the kind
of episode someone is having, they might go
out into the world and make rash and unwise
decisions concerning their spending. If your
condition worsens to the point you need to take
time off work or go to the hospital, you may see
a reduction in income and struggle to keep up
with your bills. Other mental health problems
make making informed decisions about money nearly
impossible (a prime example is dementia). If you
dont have mental capacity, you will likely end
up spending money you dont have, hence why
people who dont have such capacity will often
put somebody else in charge of their finances.
The Connection Between Debt and Mental Health
It was found in a recent study which the Royal
College of Psychiatrists carried out that half of
the adults living with debt also have some kind
of mental health condition. The severity of said
condition varied from a constant feeling of
anxiety to low mood to depression. When you are
in debt, it can cause you to feel anxious about
things. This is especially the case if you dont
feel you have any support from your friends or
family. The debt you find yourself in can be a
massive burden, made worse when you have to deal
with it on your own. Another side effect when
worrying about debt is that it can affect your
sleep. When you miss out on a good nights sleep,
you often find that not only does it play havoc
with your mood and energy levels, but it will
also impact the quality of work you put out and
how good your relationships with others are. All
these can build and build and further add to your
debt problem.
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Its not like a small business when you can
implement a recovery plan. With things that
affect you personally, they come when you arent
expecting them, and as such, your money will just
take an unexpected downturn. Questions to Ask If
You Think You Have a Debt Problem There are a few
questions you can ask yourself if you think you
might have a debt problem. These include but
arent limited to Do I frequently feel anxious
when Im thinking about how I can manage my
repayments? Am I struggling to make, or do I
routinely miss minimum payments towards utility
bills, rent or credit cards? Am I constantly
ignoring letters from my creditors? Do I avoid
answering unknown numbers because of the worry it
might be a creditor calling? Am I unable to set
aside any money for unplanned financial
emergencies? If you have answered yes to any of
these questions, it might be worth reaching out
and seeking help. How Can You Get Help? If you
are struggling with a mental health illness and
find that this contributes to feelings of
depression and anxiety, you should reach out to
your local GP or see a therapist. They will be
able to discuss your feelings with you to help
you understand them better and get a firm grasp
on how you can control them. If you would like
help with your debt or money problems, you should
consider contacting Simple Liquidation. Our team
of experts is happy to help with any financial
issues you are facing. If you have any further
questions, then do not hesitate to get in touch.
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