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.
During these difficult times, many people are uncertain about their current financial situation and the pandemic has thrown lots of …
The Best Birthday Freebies in 2021
How to create a home office without losing a room
Save money with Shopmium – App review
How to find and take part in paid clinical trials
Make money using your smartphone with BeMyEye
Heating your home for less this Winter
The form you have selected does not exist.