Is Your Money Affecting Your Mental Health? -

What Effect Does Debt Have On Your Mental Health?

Because it is Mental Health Awareness week, I thought it would be useful to some people to talk about the effect debt can have on your mental health. Mental health problems can cause debt and debt can cause mental health problems.

Debt triggered by mental health problems can occur from a lack of energy or motivation to keep track of money. Additionally, rash decisions can result in spending money on things people can’t actually afford. Taking time off work can also cause a sudden reduction in someone’s income.

Many people can be sceptical about telling their bank about their mental health and debt worries however once a lender is aware, they have to make adjustments.

If you feel that you are struggling to keep up, speaking to a GP or seeking financial advice are great ways to find long-term solutions.

For those in debt who are consistently struggling with repayments and bills, free personal advice is invaluable. Below are a list of resources that can offer non-profit debt counselling, which is a one-to-one session with someone whose job is to help you, and not make money out of you.

Places to seek advice include:

You could also look back at your spending, as well as creating a budget that helps you gain control. Check out my tips on How To Create A Budget The Easy Way here.

Remember you are never alone and there is always help available to you

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April 27, 2021