Warning: Growing Debts Could Affect Your Mental Health

Being in debt can be a huge strain, not only on your finances, but on your mental and emotional health, and it can end up taking its toll on every area of your wellness and wellbeing.

Released during Mental Health Awareness Week, a new study carried out by StepChange Debt Charity has shown that being in debt can have a very damaging effect on your mental health. Figures released by the charity prove that, during 2012, an average of around 5,000 people every month out of the many thousands who use the charity for their online debt counseling service were shown to be suffering from anxiety or depression as a result of their debts.

The charity also revealed that 78 percent of the people they speak to believed that their debt problems had had a very negative effect on their self confidence, and that 35 percent of the people they spoke to said that getting themselves into an unmanageable level of debt had had a difficult effect on their relationship and, in some cases, lead to the breakdown of their relationship.

Due to the negative stigma associated with debt, many people do not speak to anybody about it, and therefore end up suffering in silence.

Three quarters of those who are suffering from debt-related stress also believe that their finances are due to get worse, due to the state of the economy and the increasing cost of living.

If you are suffering from a debt problem, the most important thing is to speak to someone, and to access the help that is available. Opening up and speaking to someone can help you start to deal with the associated stress and depression, and the budgeting tools and advice that is available could take significant pressure off you and help to make you feel better about your life, going forward.


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