The connection between mental health and debt is not a new phenomenon and problems can be due to a wide range of situations including,
- inability to work
- difficulties in applying for benefits
- overspending
- addiction
- ignoring bills
It is estimated that 1 in 4 people struggling with their mental health, are also struggling with debt issues. Whatever the situation, financial problems can quickly escalate and have even greater detriment to mental health and relationships.
Martin Lewis (aka The Money Saving Expert) has produced a booklet in collaboration with mental health organisations mind, rethink and CAPUK. Designed to give advice to anyone who is struggling or knows someone who is struggling with debt and has a mental health problem. Download it from the website for free.
moneysavingexpert debt & mental health guide
You can also find some helpful information on how to tackle debt via the following organisations.