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Debt and Mental Health - The Debt Advice Service
  • Debt and Mental Health

    Mental health is finally being given the same acknowledgement as physical health, after decades of stigma, and plenty of ignorance regarding its significance in our lives.

    Depression, anxiety and stress are more widespread than any of us would like to accept, whilst suicide is becoming increasingly prevalent in our society.

    It’s an incredibly sad situation…

    …but where does debt come into all this?

    Well, unfortunately, one of the main causes of poor mental health is financial difficulty and debt.

    The loss of control people may experience, together with the uncertainty of what might happen in the future, can contribute to the worsening of someone’s mental health.

    When a person finds themselves in debt, they may want to bury their head in the sand and hide away from their problems. This only serves to make the situation worse, and before too long, they can find themselves in a bit of a vicious cycle.

    Whatever the reason a person goes into debt in the first place, there are no barriers to protect that debt from affecting their mental health, and when someone is struggling from poor mental health, they can often find themselves spiraling further into debt.

    A vicious cycle indeed.

    This can come about through poor financial management, a lack of budgeting, absence from work, job losses and even spending money on things like alcohol or gambling, as a means of distraction from the seriousness of the situation.

    It’s easy to see how things can get out of control quickly.

    Debt is not the sole cause of poor mental health, nor is poor mental health the only reason people get into debt, but the relationship between the two is closely linked and pretty much undeniable.

    One affects the other and vice versa.

    The key to limiting the damage of this toxic relationship between debt and mental health issues, is to talk about it with a professional at the earliest possible opportunity.

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