Debt and mental health

Posted Wednesday 23 February 2011

Today Moneysavingexpert.com published a free booklet for people with mental health issues and their carers. Mind, along with other charities, provided guidance on the information. The booklet covers:

• handling debt
• free debt counselling
• working with banks
• living with mental distress, and
• how family and friends can help.

Paul Farmer, CEO of Mind said:

Living with unmanageable debt is known to cause problems such as depression and anxiety, but the tactics of debt collectors can be one of the worst stressors of all.

Mind has spoken to people who have been hounded day and night by debt agencies, had their houses invaded by bailiffs and have had to pay fees for the privilege many times greater than the original debt.

When people's mental health deteriorates, it can be even harder for them to deal with debt, and the more their debts add up, the worse they feel, setting up a cycle of debt and despair that is very difficult to break.

Moneysavingexpert’s new guidance should be a first port of call for anyone worried about the impact of debt on their lives, so they can manage their money and seek advice before it gets out of hand.

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