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How to Recover from Debt Depression

In the modern world where money is the key to survival, happiness, and comfort, there is a very strong correlation between debt and mental health issues. It is a common occurrence to find people struggling with both problems at the same time, and this is because they can both cause, and be caused by, each other.

We’re not suggesting that every person with a mental health condition is incapable of managing their money, nor that every person in debt is depressed. But the truth is that a significant portion of people find themselves in both situations concurrently, and that is something that needs to be recognized.

Whether you are a person who has never struggled with mental health issues before, and now find yourself struggling with depression because of your money troubles, or someone who suffers from depression, and therefore the ability to manage money, the ultimate effects are very similar. So how do you get yourself out of it?

 

Debt and Mental Health Statistics

The Royal College of Psychiatrists lists the following statistics in their Debt and Mental Health Article:

  • One in four adults will have a mental health problem at some point in their life.
  • One in two adults with debts has a mental health problem.
  • One in four people with a mental health problem is also in debt.

The Money and Mental Health Policy Institute states that “People with mental health problems are three and a half times as likely to be in problem debt”, and that these numbers are higher for people suffering from conditions like bipolar disorder and depression. People with OCD almost double this number, being six times more likely to have significant financial problems.

 

How to Start Healing

Getting yourself out of debt is not as simple as one, two, three and if you’re struggling with mental health problems, as well, it is even harder. Getting out of your debt depression is not simple either, but there are a few things you can do to start working towards getting better, which is likely, in turn, to enable you to start working through your money problems.

    1. Communicate with your creditors – informing your creditors that you are struggling with a mental health problem could aid you in your negotiations with them. They may consider relaxing their payment requirements for a short time, or delay handing your details over to a debt collection agency.
    2. Seek Mental Health Help – it’s unlikely that you will be able to spend money on seeing a psychologist if you are struggling with your finances, but there are a number of mental health services in the UK, and many of them are available on the phone if you need to talk to someone.
    3. Work from Where It Does You Good – if you are able to choose whether to work from home or the office, choose the one that is best for your mental health. If you have a work environment that doesn’t help your mental health, and you are able to do so, it may be best if you can work from home. However, if being alone at home affects your mental health adversely, speak to your employer to see if you can go back into the office. Being lonely will do nothing good for your mental state.
    4. Learn to Budget – learning to look after your money and spend more responsibly are the first steps towards financial freedom. Try downloading a budgeting app, or speaking to a debt professional.
    5. Follow the NHS Guidelines for Coping with Financial Worries – The NHS suggests the following ways to start healing yourself from your financial depression:
      • Stay active – this refers to social, financial, and physical activity.
      • Face your fears – learn about how to deal with your debt, rather than letting fear stop you.
      • Don’t drink too much alcohol – it is well known as a depressant, and will make you feel worse.
      • Don’t give up your daily routine – whether it is keeping you eating balanced meals, or simply keeping you busy, your routine is an important part of working through your depression.
    6. Seek Debt Help – often the people most in need of debt help are the ones who are least likely to look for it. Being in debt may induce any number of negative emotions, including embarrassment and fear of judgment. At Debt Movement, we understand the difficulties of dealing with debt, and the mental stress that goes with it. We do not charge for our initial advice, and we would love to talk to you about how you can move forward towards financial freedom and the end of debt depression.

 

If you are struggling with debt and it is affecting your mental health, please contact our non-judgmental team at Debt Movement for caring and understanding debt guidance and solutions.

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