Around 8.3 million people are in debt in the UK. Out of those, around 65% say that debt has had a negative impact on their health.
Research conducted by the Governments financial advice department MAS, found that “one in six people in the UK have financial worries.”
A charity that helps people with financial and personal problems in the UK, found that for everybody that they helped in debt, around one in three had contemplated or attempted suicide.
Mental Health and Debt
Debt is typically a problem that when left alone, will only get worse. A lot of the time when something is wrong we can ignore it and it will usually go away, like a wasp at a picnic. Debt however is like a snowball, the more you let it roll the bigger it gets and soon enough is too big to control.
This can not only have a devastating effect on your finances, it can have a serious effect on your mental wellbeing. Stress can soon turn into anxiety and anxiety can lead to a wide range of problems such as paranoia and depression.
When debts become too big to manage people often feel like they are trapped in a hole with no way out. This feeling of hopelessness coupled with the growing level of stress can sometimes result in people considering suicide as an option.
What can we do?
One part of the issue is that people often struggle with debt alone and in silence. In the UK especially, we see debt as a taboo subject and more often than not we are too ashamed to talk about it with family, friends or with somebody who can help.
It is important to understand that people who want to help us are not going to judge us for our financial situation and we are not the only ones who might be struggling with debt. Talking about your problems to somebody who cares can help take the weight off when dealing with debt alone.
Impact On Physical Health From Debt
Debt can affect people in a lot of different ways. One of the most common ways in which debt can have a negative impact on our health is by causing people sleepless nights.
A lot of the time and during the day we’re too busy to worry about something, i.e. when we are at work we are distracted. However, at night there is nothing to keep our brains busy and so we begin to focus on what is making us worried or stressed.
This can lead to us getting agitated and too anxious to sleep. Now, aside from the obvious consequences of not getting enough sleep, such as tiredness throughout the day, sleep deprivation can have serious physical consequences too. According to the NHS, sleep deprivation has been seen to cause obesity, heart disease and diabetes.
Sleeping is also a good way for our bodies to rejuvenate themselves. When we are asleep our immune system is recharged and our brain cells get repaired. Without sleep we are more likely to get ill from a cold or virus due to our immune systems not having the chance to repair themselves.
How can DFH help?
If you are struggling with debt and want to find a solution, or simply want to find out more and see what options could be available to you, we are always happy to listen and help you.
All of our advisors are are trained to the highest level based on the guidance of Colin Trend of the Money Advice Trust who, along with Chris Fitch of the Personal Finance Research Centre at the University of Bristol wrote the current guidelines on how to treat customers fairly when seeking debt advice.
We have a dedicated specialist support team who deal with customers who are vulnerable.
Addressing the problem and speaking with one of our friendly advisors could be the first step towards finding a solution to your debts. Our advisors are available Monday to Thursday 10am – 8pm and Fridays 10am – 2pm.