The Link Between Debt and Mental Health
The Link Between Debt and Mental Health
Currently, Britain is in the grip of two big crises. The first is to do with the ever-increasing amount of debt that we are collectively building up- according to the latest estimates, the average household is almost £13,000. At the same time, the NHS is struggling to manage the demand for mental health services, as one in four adults will experience mental health problems at some point in their lives. Currently, the resources to manage this crisis simply aren’t available- leaving those at risk in a much more vulnerable position than they should be.
From a distance, it might seem like these two issues are separate. In fact, though, there’s quite a lot of overlap between those struggling with mental health issues and people in debt. According to one study, half of those in debt have a mental health problem- which suggests that this overlap is more than just a coincidence. Naturally, if you’re facing a lot of pressure from creditors and living with the financial consequences of large debts, then this can have a serious impact on your mental health. On the other hand, those already experiencing health issues may find that this has a direct impact on their finances. In this article, we’ll be taking a closer look at the hidden problems that can arise from debt, to dispel some of the myths around the subject.
What impact does debt have on people’s lives?
By answering this question, it should become clear why so many people struggling with debt go on to develop mental health problems. As anyone who has ever been in debt will know, this is an issue which quickly takes over every aspect of your life. Many people who get into debt are already on shaky ground when it comes to their finances. They take out loans that they can’t afford to repay for one reason or another. That leads to a constantly increasing amount of debt, which will ultimately threaten everything you have. Your home could be at risk and your belongings repossessed if you don’t keep up with all your repayments- but many people simply don’t have enough money to do that.
Naturally, the stress from this situation will often seep over into other aspects of people’s lives. Their relationship with their partner may become strained, as they find themselves a lot quicker to anger than they were before, and they take their stress out on their loved ones without meaning to. The constant presence of this anxiety over money also wears down your inner defences, and that external pressure can easily lead to clinical depression or other related issues. The more pressure builds up, the harder it can be to live your everyday life. You may end up taking time off work because you can’t face going in, or fall behind with debt repayments that you can afford since you lack the motivation to do anything. Debt-related depression is a vicious cycle that can be extremely tough to break out of- which is why you might need some outside help to clear the clouds.
If you’re suffering, it’s time to seek help
At the top of this article, we talked about how debt and mental health problems are both issues that can be tough to deal with. However, it’s important that you remember there are people out there who can help. While the NHS does often have long waiting lists for those seeking help with mental issues, it’s still worth getting yourself on the list- your GP may be able to prescribe a short-term solution, such as a course of antidepressants, while you wait for an appointment with a counsellor. At the same time, you should also try to take the first steps towards tackling your debts. A professional financial advisor can be a lot of help here, as they can often restructure your repayments to make them easier to handle. They may even be able to write off some of your debts to take the pressure off- so don’t struggle with your debt or your mental health alone. Instead, seek out professional help, and let the experts show you a brighter way forward.