The impact of debt on the mental health of debtors and creditors
Debt can be both a cause and consequence of mental health problems, impacting on the mental health of those owing money, as well as people with mental health issues being more likely to have debt problems.
- 1 in 2 British adults with debt issues has a mental health problem
- 1 in 4 British adults with mental health issues has a debt problem
Advice for debtorsOur advice would be to not ignore the debt; ignoring it won’t make the problem go away and could make it worse. If the problem is dealt with as soon as possible, the outcomes are likely to be more manageable and less stressful. There are many ways in which all debtors can get professional help. Money advisors are trained in providing free, confidential money advice and can help debtors:
- Manage their debt
- Negotiate with creditors to finalise an acceptable re-payment schedule
- Advise on other sources of help