Mental Health Problems Linked To Loans And Other Debts
Anyone who has been overburdened with personal loan and credit card debts either now or in the past, will know just how stressful it can be to be in debt, particularly if you are in the position of struggling to manage to keep up with your monthly loan and card repayments.
But new research from the Royal College of Psychiatrists and the mental health charity Rethink, has found that the more loan and credit card debts a person has, the more likely they are to suffer from some form of mental illness, in many cases due to the additional stress of their debts.
The research found that, not only were people who had large loan and credit card debts more likely to suffer, but also that those individuals who already had existing mental health problems were more likely to find themselves in financial difficulty with their personal loans and cards, either due to the nature of their condition, or due to the problems they face finding and keeping a suitable job.
One in four people with mental health issues are also in debt. The research has been supported by well known personalities such as Stephen Fry and Alistair Campbell.
Alistair Campbell said “One in four of us will directly experience mental illness during our lifetime. For many, those problems are exacerbated by financial problems, sometimes in part caused by the mental health problems. It cannot be entirely a coincidence that the word depression has an economic as well as a health meaning.
According to Credit Action, personal debt in the UK stands at £1,457 billion. This report emphasises the need for all the relevant agencies to work together to ensure that both mental health and financial difficulties are identified so appropriate support can be provided.”
