NEWS...
Debt vs. Mental Health
Debt is a significant factor in many people facing mental health problems a new study by Mind has shown.
Researchers from the charity surveyed over 1,800 people across the UK to assess their well being and their personal finances. Of the sample, 924 said they had problems with debt and mental health and of these over 90 per cent said that their financial situation had affected their state of mind.
As people's quality of life deteriorates it seems so too does their mental health. And, while debt affects people's mental health, people with poor mental health are more likely to end up in debt as they often find it hard to get and retain work.
Mind's chief executive, Paul Farmer, said: "UK personal debt stands at a staggering £1.4 trillion but the real cost here is that on our mental health.
"Money worries aren't just keeping people awake at night; they are causing high levels of stress, depression and in some cases self harm and suicidal thoughts. At a time when people across the country are anxious about their finances, debt-depression is a real and growing concern."
People with mental health problems are three times more likely to be debt-ridden than the general population as personal borrowing reaches record levels in the UK. The number is likely to be even higher among those with bipolar disorder as over-spending is often part of the condition, according to experts.
They warn that financial troubles result in mental health problems such as anxiety, depression and even suicide, and urge lenders, debt collectors and health professionals to be alert as the credit crunch worsens.
Average household debt reached £9,216 (excluding mortgages) this month, according to the charity Credit Action. One in four people with mental health problems is in debt, which means that a staggering 2.5 million people are estimated to be struggling with debts while dealing with illness.
Lenders must tread a fine line between not discriminating against people with mental health problems and protecting vulnerable customers whose spending is out of control as a result of illness.
The CSA has incorporated the MALG Mental Health Guidelines into its own Best Practice Guidance documents. This guidance note is extensively comprehensive and can be found on the member's only section of the CSA website www.csa-uk.com.
Original article courtesy of CSA. For further information visit www.csa-uk.com.
