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Do you worry about debt?

Do you worry about debt?

Category: Debt

Updated: 16/10/2017
First Published: 13/05/2014

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Do you find yourself worrying about your finances? Is debt playing on your mind? Money problems can hurt a lot more than the pocket, as they increasingly affect people's mental health.

This week is Mental Health Week and the Debt Advisory Centre has revealed the results of its survey showing that debt is a major concern for many people. It found that 76.9% of people with debts worry about them at least some of the time while a futher 15.3% worry about them all the time.

Of those that do worry, 31.7% said the stress had an effect on their mental health and this is backed up by the Royal College of Psychiatrists who point out that one in two adults with debts will experience mental health problems at some point in their life – this compares to one in four adults in general.

Many different areas of a person's life can be affected by debt and 52.7% of people who worried about their debts admitted they were having problems sleeping, while 28.7% said their physical wellbeing and health had been impacted. Relationships are also under strain, with 35.3% claiming that relationships with family members have been under pressure and 14.6% saying their relationship with friends was similarly affected.

Ian Williams, of the Debt Advisory Centre, says:

"Problem debt has consequences for more than just people's finances. This research shows that worrying about debt is having a severe impact on many different areas of people's lives, including their mental health.

"If you are worried about your debts and feel this pressure is negatively affecting your health, it's important you not only seek help and support to get your finances back under control, but also that you speak with a healthcare professional. Ignoring either problem will only mean the situation could get worse."

Don't suffer in silence, the best way to deal with any worries is to talk about them. Whether you seek the guidance of those close to you or you decide to speak to a professional, make sure you get the help you need to start tackling your debt problems head on.

What next?

12 steps to get debt-free in 2014

How do I get out of credit card debt?

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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