According to research published by The Royal College of Psychiatrists and Rethink, half of adults in debt may have a mental health problem and it’s important that this is understood and support and advice is available to help.
Debt problems can often lead to a mental health problem such as depression.
Financial difficulties, perhaps brought on by becoming unemployed, can also trigger or exacerbate a problem.
The sooner debt advice is sought if you are facing financial difficulties the better.
The Rethink Charity has an advice line on which debt help specialists are available.
The research was funded by the Money Advice Trust (MAT) and the Finance & Leasing Association (FLA) and as Stephen Sklaroff of the FLA says ‘One in four adults with a mental illness also report having unmanageable debt.’
Those providing debt advice need to ensure they fully appreciate the link between financial difficulties and mental health issues and provide appropriate help and support.
An existing mental health problem can also cause financial difficulties.
As Comedian and writer Stepehn Fry, comments ‘My own bipolar condition has caused me to go on many giddy spending sprees so I have first-hand experience of the difficulties of debt brought on by poor mental health’.
And as Alastair Campbell comments ‘This report emphasizes the need for all the relvant agencies to work together to ensure that both mental health and financial difficulties are identified so appropriate support can be provided.’
The Lending Code of the FLA requires that companies take mental illness into consideration when dealing with their customers and is an important feature of responsbile lending.
Stephen Sklaroff says ‘We hope that the recommendations included in today’s report will encourage other business sectors to follow our best practice example when working with people who have mental health problems.’
So, can you manage your debts? – if you’ve any concerns the sooner you seek professional advice the better. ©MoneyHighStreet.com Personal Finance
