Debt Problems and Depression

Recent Newspaper reports have stated that the late Peaches Geldof was in £450,000 debt when she died. The 25 year old was found at her home in 2014 having taken an overdose of heroin, leaving behind a husband and two small children.

Although this debt was likely to be tied up in assets, such as the mortgage on the property, and may have had no actual impact on Geldofs mental health or her heroin addiction, it’s important to highlight the effects that debt can have on  people when they find that they are depressed, stressed or anxious and unable to cope with their financial lifestyle.

Debt problems are relative, and they don’t only affect the ‘poor’ – living beyond your means whether you are on minimum wage or a six figure wage can lead to unmanageable debt problems and have a negative effect on your life. A recent report by Mind, showed that one of the main reasons for depression was debt problems, with people being unable to cope with managing their financial commitments each month.

The danger here is that when suffering with depression or stress people can quickly lose control of their finances and find themselves with debt problems. The way to find a solution is to seek help for both depression and debt problems as both usually come hand in hand.

DFH Financial Solutions offer advice on debt solutions tailored to your individual circumstances. These include IVA, Debt Management Plans. If you are worried about debt, contact one of our trained debt advisor's today.

The Money Advice Service and your local Citizens Advice Bureau offer free independent debt advice.

Call us on 0800 881 8722

Monday to Thursday 8:30am - 8pm, Fridays 8:30am - 6pm and Saturdays 9am - 1pm

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