By Mr Bankruptcy
20th October 2022
It seems as though a day doesn’t go by without the news reporting how bad the financial situation is likely to get. For many people this persistent messaging is becoming overwhelming, highlighting the importance of addressing debt difficulties for mental as well as financial wellbeing.
The impact of financial stress
A recent study by the ONS reported that 77% of adults reported feeling very or somewhat worried about the rising costs of living. Furthermore, 50% of those who said they were very worried about rising costs felt those worries nearly every day.
Financial pressures take their toll on our mental health; the Money and Mental Health Policy Institute reported that nearly half of people with debt problems also have a mental health problem. In fact, 1.5 million people are experiencing both problem debt and poor mental health.
How are debt and mental health connected?
Being in debt can often cause stress and anxiety, but beyond this there are several ways in which debt and mental wellbeing are connected:
The institute’s survey found that when unwell, more than six in ten people (63%) found it harder to make financial decisions, 42% put off paying bills and 38% took out a loan that they wouldn’t otherwise have done.
It is worrying to feel the impact of debt on your life, but it’s important to remember that you aren’t alone; support is available.
Talking to someone you trust, or seeking professional advice to guide you towards taking actions, will help you to take back control of your debt and learn to look after your mental health again.
James Rosa Associates
James Rosa associates is a firm of debt advisors and debt adjustors. With a supportive and friendly approach, we take into account the effect of debt on our clients’ mental wellbeing.
We offer a full range of advice and professional services to individuals and business owners/directors who face unmanageable debt or who are involved in civil or commercial disputes. Our services include:
We are authorised and regulated by the Financial Conduct Authority (FRN665061) to work with clients to produce bespoke solutions to fit their specific circumstances.
Find out if you qualify for a free consultation
If you need to deal with unmanageable debt, or bring a dispute to a swift and cost-effective resolution, contact James Rosa Associates, ring 0845 6807217 or email firstname.lastname@example.org to find out whether you qualify for a free consultation.
Please be advised that all views expressed in these posts are those of the author and not of James Rosa Associates ltd.