Several groups in society are more likely to have debt that is out of control. Those with low-income jobs are much more likely to have debt that is out of their control; the same goes for people who rent their accommodation. Renting can be more expensive compared to paying a monthly mortgage once you have secured the initial deposit. The age group with the most amount of debt are those between the ages of 20-29. If you have a friend or family member that meets all of these criteria and has been having issues with their mental health along with other signs, debt could be a contributing factor.
The correlation between poor mental health and debt can't be ignored. Those in debt are far more likely to have issues which lead them to poor quality of life. Family relationships and word productivity suffer when someone is in uncontrollable debt; this can make the issue worse. In addition, people often choose to ignore their debt problem and instead turn to alcohol or drugs as a way to escape their day-to-day life and forget about the issues they’re experiencing. Drugs and alcohol misuse can lead to more mental health issues and addiction, increasing the debt and making it difficult for the person to hold down a job. As you can see, uncontrolled debt and health can spiral and cause significant issues for many people. Those in debt can’t see a way out and often resort to unthinkable acts such as suicide to free themselves from the issue. If you have this kind of thoughts, contact the Samaritans immediately, who will be able to help without judgement.
Debt can quickly mount up, especially with high-interest rate loans such as those that payday lenders offer. This leaves people in a situation where they can no longer afford to pay back the interest combined with the original loan amount. There are several solutions people can take if they find themselves in this situation. An IVA, also known as an individual voluntary arrangement, is one solution to mounting debt. This is an arrangement between you and your creditors; they will freeze your interest rates and stop chasing you as long as you continue to pay the regular payments as agreed. Applying for an IVA can be done independently or through a debt management company. You will need to find your own insolvency practitioner if you want to apply independently. However, a debt management company will do all the work for you, making things easier. An IVA can be an excellent solution if someone struggles with receiving letters and notifications from creditors. Through the IVA agreement, your insolvency practitioner will take on the responsibility of speaking to creditors and organising the distribution of your regular payments.
This solution can leave people who are suffering from mental health issues related to debt in a much better position. They can answer their phone and open posts without needing to be anxious. Once the route of the problem is tackled through an IVA or another debt management solution, the individual can go on to get help from a professional for their mental or physical health issues. By tackling the root cause of the issue first, the therapy or medication is likely to be more effective, allowing the individual to break the depression and anxiety cycle and get back to being themselves again.
If you’re in uncontrolled debt and need advice, contact a debt charity or helpline that will be able to advise you on the best options for your specific circumstances. If you’re struggling with mental health or physical health issues, don’t ignore them; contact a specialist for advice and help or visit your doctor who will be able to advise.
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Several groups in society are more likely to have debt that is out of control. Those with low-income jobs are much more likely to have debt that is out of their control; the same goes for people who rent their accommodation. Renting can be more expensive compared to paying a monthly mortgage once you have secured the initial deposit. The age group with the most amount of debt are those between the ages of 20-29. If you have a friend or family member that meets all of these criteria and has been having issues with their mental health along with other signs, debt could be a contributing factor.
The correlation between poor mental health and debt can't be ignored. Those in debt are far more likely to have issues which lead them to poor quality of life. Family relationships and word...
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