Most people have debt whether it’s deemed to be good debt or bad debt. Latest studies suggest that being in debt could be affecting their physical and mental health.
One in four people will experience a mental health problem within their life. One in two adults with debt have a mental health problem, and one in four people with a mental health problem are in debt. Debt can be the factor that causes mental health and also be the result of a mental health problem.
A study looking into the relationship between unmanageable debts and mental health showed that people within this category are 24% more likely to have a mental health score in the bottom quarter of the population. The study showed that poor mental health means managing money is harder and worrying about money makes mental health worse.
A survey found that 44% of people with high levels of stress due to debt had headaches and frequent migraines compared to 15% of those with lower levels of debt. The higher percentages of people were also more likely to have muscle tension or back pain. Other research carried out also found that those in greater debt perceived stress levels 11.7% higher than average causing anxiety doing day to day activities.
21% of UK adults admit they are drowning in debt and money worries and plenty more people who won’t admit there problems with money worries or mental health. Those that are currently in some form of debt 38% said they have felt anxious whilst 34% have suffered from stress and 29% have suffered from depression.
When dealing with mental health problems debtors may lose the motivation to keep control of their finances including bills and credit agreements, this can affect the debtors social life and relationships. This can then become very overwhelming for the debtor and make the mental health issues worse.
Many people with mental health problems will need support in helping them to sort out their health issues and finances. Often by prioritising the debts and ringing the creditors to seek advice. The creditors cannot help unless they know the problem.
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