The Effects Of Personal Debt On Mental Health
26th January 2017
Over 86% of those people in debt felt as though their debts had an impact on their mental health. As the largest personal insolvency firm in the market we are best placed to be able to conduct research and analyse the effects debt is having on the population of the UK. Creditfix recently carried out a study of over 1,400 people who are in financial arrangements to deal with their debt. From this study it found that personal debt has significant effect on the mental and physical health of a person.
Due to the growth of the JAM sector (just about managing sector) more people do not have the saving needed for a sudden financial shock. From our study we found that in many instances financial difficulties did not build up over time but were in fact triggered by a life event that disrupted their payments. Of those surveyed 69% had suffered a significant life event which triggered their debt problems with bereavement, breakdown in a relationship and ill health being the major causes accounting for around 40% of respondents.
Debt is a personal issue and as such it can be difficult to acknowledge that there is a problem and once realised harder still talk to someone for help. Of those surveyed many ignored their debts until they were at an unmanageable level. Once realising they need help to sort their finances the majority’s first contact for help was ourselves and debt management charities.
What became apparent from the survey was that over 86% felt as though their debts had an impact on their mental health. Due to dealing creditor hassle and mounting debts over a significant period of time respondents’ mental health began to suffer with over 30% reporting depression and stress. What’s more worrying is those that responding talking of insomnia, anxiety and suicidal feelings.
With decreasing support from government and less funding for mental health charities over half of those felt as though there were not enough resources available to deal with their issues and provide help. Due to the lack of available services many felt alone to struggle on with their issues until contacting ourselves.
Not only does debt have an effect on the mental health it affects other parts of life. Of those involved an increasing amount of people responded that their debts had a physical effect on them leading to cases of ill health due to fatigue, weight loss & headaches. As well as this physical effect what became apparent is that their stress and worries from debt exacerbated pre-existing conditions and caused general ill health among people before they sought help with their debts.
Lastly we contacted those now in arrangements to see how we as a company performed and what came across was that due to our experience, knowledge and staff training was that we recognised that mental health concerns were apparent in those in debt. Over 88% surveyed felt as though we dealt with their individual circumstances in an appropriate way. Our clients have stated we are kind, understanding and sympathetic towards them and work with them to get through this difficult period.
If you feel as though you could use help with mental health issues, please don’t hesitate to contact companies such as sane or mind who are always there to listen. If you feel as though you need help with your debts call us on 0808 223 4172 or text advice to 80818 and we can give you a call at the best time to suit you.
For more information and access to further details of the survey for use please contact firstname.lastname@example.org .