Money Worries Increase ‘Debt Depression’
Being in debt increases the effect of mental health problems, with 91% admitting to some form of ‘debt depression’.
Mental Health Charity, Mind have conducted research with almost 2,000 people across England and Wales, and discovered that there is a strong relationship with both debt and metal health issues. Mind’s chief executive, Paul Farmer, said: “At a time when people across the country are anxious about their finances, debt depression is a real and growing concern.”
Over half are living on a household income of less than £200, which is classed as below the poverty line. Over 50% have gone without food and heating because of debt, and 87% admit to relying on credit cards to pay for everyday living expenses.
One of those surveyed said: “When you’re in that stage of recovery the burden that you have to carry with all this debt and all these problems it just makes your depression worse. There doesn’t seem to be any light at the end of the tunnel and you just get more and more trapped in this poverty situation.”
Mind have requested that all debt collectors and creditors are given mental health awareness training as over 60% of those polled said that they would not tell their creditors about their health problems.