With debt in mind: the link between mental health and debt

Debt and stress go hand in hand

Debt and stress can go hand-in-hand

How in tune are you with your mental health? Think about how you feel right now; are you relaxed? Are you happy? Do you feel a sense of calm and clarity?

There might be little things that are annoying you, but for the most part you hopefully feel you have a degree of control and direction in your life.

Compare this to the last time you felt immensely stressed over the things taking place around you. For many people, this was the feeling they had when they realised they needed help with debt.

One in four with mental health problems are in debt

When the mental health charity Mind launched its “Still in The Red” study in 2012, the findings were worrying. It revealed that one in four people with a mental health problem were in need of debt advice.

The study also claimed that three times as many people with mental illness were struggling with debt when compared to people with no mental health problems.

The Mental Health Foundation cites stress as the gateway to a whole host of problems. The very presence of stress suggests that you’re not at your peak of mental health and wellbeing.

When you’re stressed you may experience many different feelings, including anxiety, fearanger, frustration and depression. These are common symptoms felt by people when they’re overwhelmed by their debt, symptoms that make it much harder to cope with everyday life, let alone a debt problem.c

Why mental health matters to us

Stress can cause a person to get into debt, and debt can cause immense stress. We’ve seen so many people locked into this vicious circle. But it’s our belief that by tackling one, we can alleviate the other.

This is why we’ll be supporting Mental Health Awareness Week, which takes place on 13-19 May. This is the week when some of the UK’s leading charities come together to boost awareness of mental health issues and how it affects millions of people in the UK.

Debt and mental health issues are intertwined

Debt In Mind‘ is the brand new page on our website that demonstrates just how intertwined debt and mental health actually are. There’s quotes, statistics and photos, showing a direct connection between the two.

We’re also supporting our friends at the Mental Health Foundation, who work tirelessly to help millions of people overcome their mental health problems. Like us they not only understand the link between debt and mental illness, but they want more people than ever to understand that there’s help available for both.

Posted by in Living with debt