Debt can be a significant source of stress and anxiety for many people.
Studies have shown that there is a strong link between mental health and debt. One in four adults will experience a mental health problem at some point in their life, and one in two adults with debts has mental health problems. The stress of debt can lead to a range of mental health issues, including depression, anxiety, and even suicidal thoughts.
Ignoring debt can make the situation worse, potentially leading to illness. It is crucial to act if you are struggling with debt. The first step is to acknowledge the problem and seek help. Speak to someone you trust, seek financial advice, and talk to your doctor if you feel unwell.
Common Circumstances That Lead To Debt
Common factors that can lead to someone falling into debt or making existing debt worse. Illness is one of the most significant factors and as a result not being able to work. Uncontrollable spending is another common cause of debt. It can be challenging to resist the urge to buy something you want, even if you cannot afford it.
Low income is another significant factor. Many people live month to month and struggle to make ends meet. Economic downturns can also lead to debt. In times of recession, many people lose their jobs, and those who are still employed may see their income reduced.
How Unmanageable Debt Can Make You Feel
Unmanageable debt can make you feel out of control, hopeless, embarrassed, and anxious. It can also lead to a sense of guilt, even if your debt is a result of mental illness. The stress of debt can impact every aspect of your life, from relationships to job performance. It can be challenging to focus on anything else when you are constantly worrying about your finances.
You’re Not Alone
If you are experiencing any of these feelings, know that you are not alone, and there is help available. Facing up to your debts and forming a solid plan to tackle them is the quickest way to give your mind some much-needed rest from the worry and pressure that debt can bring. There are lots of options available to help you manage your debt – formal and informal debt solutions.
It’s crucial to take care of your mental health, particularly if you are struggling with debt. Seek help, acknowledge the problem, and take action to address it. Remember that you are not alone, and there is help available. With the right support, you can overcome your debt and improve your mental health.
Struggling With Unaffordable Debt?
If you would like to talk to someone about debt, we offer a free and confidential consultation to anyone in financial difficulty. We can advise you on a range of debt solutions suited to your individual circumstances, helping to protect you and your family with a sustainable way to manage your debt. Call 0800 121 48 63.
