Depression strikes those in debt

12/10/2009

A new report has revealed that half of people in Britain with debt are suffering from mental health problems.

The study by the Royal College of Psychiatrists and the charity Relate found that anxiety and depression are commonly linked to debt problems'>debt problems, and the larger a person's debts, the more likely they are to have a mental disorder.

This can lead to a downward spiral as the report found that many people suffering from a mental illness couldn't control their personal finances, which could see them sink into further problems.

Those suffering mental health difficulties are also less likely to seek professional help to get their personal finances back in order. And if they do, they're unlikely to reveal the full extent of the problems for fear of embarrassment.

The report has called upon the financial sector to recognise mental health problems.

Debt solutions firm EuroDebt has trained front line debt advisors in Money Advice Liaison Group (MALG) best practices. This considers Debt Management and Debt Collection for people with mental health problems.

It includes use of the jointly evidence forms where a prospective client volunteers the fact that they may have a mental health condition.

Providing better protection to people suffering a variety of mental health conditions is important, EuroDebt says, but for the majority that doesn't mean that they can walk away from their debts.

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