Stress, Debt, and Mental Health

People get into debt for a variety of reasons. It’s never too late to take control of your money and get help with your debts.

Money and mental health are inextricably linked. Mental illness can make it more difficult to earn and manage money, as well as causing or exacerbating anxiety, sadness, and stress.

In this article, we take a look into Stress, Debt, and Mental Health.

Why Do People Get Into Debt?

People think that they become in debt as a result of living an extravagant lifestyle or ‘going wild’ with credit cards. The fact is that unemployment and redundancy are the most prevalent causes of financial difficulties, and they can affect anybody regardless of their attitude to money.

Changes in your life, such as losing a job, having a mental or physical health issue, or breaking up with your partner, might cause you to struggle to pay your home obligations. It’s difficult to deal with such a financial upheaval.

How Mental Health Can Affect Your Finances

There are a variety of causes for money concerns in the case of mental illness.

If you’re sad, you may not have the energy or drive to keep track of your money. You might make impulsive or ill-advised purchases during a manic episode. If you need time off from work or require hospitalisation, you could face a sudden decrease in earnings and difficulties paying your bills.

Money decisions may be especially challenging for individuals with mental health issues (such as dementia). Mental capacity is the ability to make judgments. If you don’t have mental capacity, someone else may have to decide on your behalf if you don’t have it.

How Debt Affects Your Mental Health

According to a study from the Royal College of Psychiatrists, half of all adults who struggle with debt also suffer from mental illness. This could range from a persistent feeling of anxiety and low mood to a diagnosed mental health condition.

Debt may make you feel nervous, especially if you don’t have the support of friends or family, or from your creditors. Debt can be a huge weight, and dealing with it on your own only makes things worse.

Worrying about debt might cause you to have less sleep. Losing out on a decent night’s sleep not only has an impact on your mood and energy levels, but it can also have an impact on your productivity and social connections. All of these factors, in turn, contribute to the problem of your debt.

How To Know If You’ve Got A Debt Problem

• When I think about how I’ll pay my debts in the future, do I frequently become anxious?
• Is it that I’m unable to produce or do I regularly fall short of the minimum payments on my utility bills, credit cards, or rent?
• Do I toss away creditors’ correspondence?
• In case a creditor is phoning, do I avoid calls from unknown numbers?
• Am I unable to save money for an unforeseen financial emergency, such as redundancy pay or vehicle expenses?

If you responded ‘yes’ to any of the above questions, you should consider seeking assistance.

How do I get help?

If you’re having difficulties with your debt, you are not alone. You don’t have to figure it out on your own. Speak to a debt counselor from a group like StepChange, National Debtline, Debt Support Trust, or Citizens Advice for free advice about your issues. They won’t criticise you and will help you to discover methods to handle your debts

Consumer Debt Help can help you to reduce your monthly payments and potentially write off debts using government legislation. Our advisors are here to listen and help you understand the options available based on your individual circumstances and see if there’s a better solution to help clear your debts.

Talk to someone you can trust, whether it’s a family member or a friend who understands your mental health. Talking might make you feel less hopeless and alone, which can assist you in making an appointment with a debt advisor if needed.

How Can I Start Helping Myself?

Asking for debt advise from a debt counselor is often the greatest approach to begin addressing debt, but there are things you can do on your own as well.

• Consult the official government website for information about various debt relief options. Learn about whether you may qualify for breathing space, which allows creditors to pause any payments while you get free assistance. There are two sorts: a typical 60-day breathing space and a mental health crisis breathing space.
• Telling your creditors about your mental health might be a good idea. This may be a tough choice, so you need to be certain that they will listen to you. On their website, check for a debt and mental health policy. If you do decide to communicate with them, Mind has suggestions on what to think about.
• You may obtain a debt and mental health evidence form filled out by your doctor or other healthcare professional. This document can assist you in ensuring that your creditors consider your mental health. It implies that they must change their collection procedures and communicate with you differently.

Consumer Debt Help has more tips on managing your money, head over to our blog to read more of our articles https://consumerdebthelp.info/blog/