‘Devastating link’ between debt and mental health issues

Close to half the population has racked up personal debt, with many people suffering from mental health issues as a result, a financial services charity has warned.

The findings, published today, highlight the “devastating link” between financial difficulty and mental health problems, according to the Money Advice Service [MAS].

In total 49 per cent of all people in Britain have some personaldebt,excludingmortgages and student loans, with the average sum incurred standing at £4,374, the MAS said.

One in five (21 per cent) UK adults say they are drowning in debt and money worries, the charity found.

Of those who are currently in some form of debt, 38 per cent said they have felt anxious while 34 per cent have suffered from stress and 29 per cent from depression.

Being in debt can also put relationships under strain. Among those who are in debt, one in six (16 per cent) said their problems had affected their relationship with their partner, and 15 per cent said they had caused them to withdraw from family and friends.

“Debt isn’t just a financial problem,itcancauserealdamage to relationships and family, put the roof over your head at risk and can leave you feeling a shadow of your former self,” John Penberthy-smith, of MAS.

However, he added: “No matter how bad it seems and how bad you are feeling – no money problems are unsolvable.”

Mr Penberthy-smith urged those struggling with debt to access free advice through the charity to start getting their finances back on track.

Simon Crine, interim director at the Money and Mental Health Policy Institute said the organisation welcomed “yet more evidence” about the “devastating link” between financial difficulty and mental health problems.

“Jill” 40, who works in publishing, found mounting credit card debts and loan repayments totalling £15,000 pushed her into a depression.

“The further I got into debt the more depressed I got and the more depressed I got the harder I found to deal with things. It felt like everything was spiralling out of control.”

Eventually Jill told her family about her problems and they encouraged her to see her GP. She was offered a course of treatment and she received advice and support on how to manage her debt.

“Just telling someone I had a problem seemed to help,” she said.

Jill is now paying off her debts and has £2,500 to pay off before she is debt-free.

“In the past I have had periods of depression but having debt and depression was for me by far the hardest bout.”