Find out how you can manage the wide-spread effects of debt on you and others around you.
Mental Health and Debt
Being in debt can be a worrying time. It is no wonder that many people struggle with their mental wellbeing when they are going through financial difficulty. At these times, looking after your mental health is very important. It may be tempting to ignore the situation you are in and bury your head in the sand but ultimately, this will make matters a lot worse.
Many people in debt have described feeling ashamed and unable to talk to friends and family about their situation. What they don’t realise is that there are places to turn and people to talk to who can provide support, guidance and help to regain control of their finances. These support services are just a phone call away.
Signs That Your Mental Health May Be Suffering
No matter what the situation is or how bad you may feel it is, there have been people in similar situations before who have pulled through and regained control. Although we all become stressed or anxious from time to time, there are signs we must look out for that can be an indication that our mental wellbeing is suffering.
- Mood swings
- Lack of sleep or insomnia
- Headaches and fatigue
- Feeling lonely or subdued
The Psychology of Debt
Mental health issues can often lead to debt and debt can often lead to mental health issues. A study by The Royal College of Psychiatrists states that “one in two adults with debts has a mental health problem” and “one in four people with a mental health problem is also in debt”. This goes to show that debt and mental health go hand in hand.
Many people suffering from mental health issues can find it difficult to cope with financial difficulty. Thinking about money, bills and debt can become overwhelming and it can often feel easier to just ignore the issue. There can also be an element of shame or embarrassment that they are in such a difficult financial situation. However, it isn’t always easy to keep your finances in good health and it isn’t always your “fault”.
Unexpected Events and Debt
It is often believed that people get into debt by overspending or living a lifestyle that they cannot afford. While this may be true in some cases, it is unexpected events that are most likely to cause debt. According to the Mental Health Foundation, unemployment and redundancy are the most common reasons why people fall into debt.
Unexpected events can take a severe emotional toll. Relationship breakdowns, businesses collapsing, physical health problems and substance/gambling addiction can all lead to a spiral of unhappiness that can be overwhelming.
An individual in distress may also be deterred from seeking the help they need due to feelings of shame or feeling that an advisor will react to their concerns in a judgemental way. The Mental Health Foundation reveals that “Much of debt-related anxiety can be due to a lack of support from creditors and the individual’s surrounding family, friends, and employers. Debt can be a considerable burden, made worse by dealing with it alone.”
For these reasons, debt solutions experts must treat clients with the empathy and compassion they deserve. Often, speaking to debt professionals is the first time a person in debt details the problems that they are experiencing.
How Can Debt Movement Help?
Debt Movement is more than just a debt solutions company. Our expert guides have years of experience in helping people who are struggling with debt. They are happy to listen and help in any way that they can. Regaining control of your finances will have a positive impact on your mental wellbeing so contact Debt Movement today and find out how we can help you start your journey to financial freedom.
When you are struggling with debt and mental health worries, it can feel like a vicious circle. But there are ways to get back in control and Debt Movement can help. No matter what level of debt you are in, there is a debt solution for you. Just take a look at our Debt Solution section of our website for information on the various options available to suit your needs or call us today for impartial guidance