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Dealing with debt alone can be a lonely place to be.
No matter how bad your debt situation might seem, no debt problems are unsolvable. While it might not always be quick or easy, there is always light at the end of the tunnel.
Financial difficulty and stress are more common than you might think. It can have a drastic impact on your mental health and wellbeing and lead to significant problems in the long term, therefore even worsen existing financial stress.
It is not uncommon that the two go hand in hand, therefore it’s important to be aware of the signs of how much your financial issues are impacting your mental health, and what to do about it.
Poor financial wellbeing can make mental health problems worse. For example, someone struggling with mental health issues might find it difficult to work or get a job, therefore causing even more financial difficulty, further impacting stress and anxiety.
There are various signs to look out for that financial stress is affecting your health and relationships.
Nothing will keep you up tossing and turning at night more than worrying about loss of income, unpaid bills, or pending bailiff action.
Stress is known to disrupt your appetite, causing you to anxiously overeat to cope with your emotional distress or to skip meals to save money.
Living under the cloud of money problems can leave anyone feeling down, hopeless, and struggling to concentrate or make decisions.
Worrying about unpaid bills or loss of income can trigger anxiety such as a pounding heartbeat, sweating, shaking, or even panic attacks.
Financial worries can cause you to withdraw from friends, curtail your social life, and retreat into your shell—which will only make your stress worse.
Such as headaches, gastrointestinal problems, diabetes and heart disease. however left untreated could cause long-term issues.
Money is one of the most common issue couples argue about. If you’re experiencing a period of financial stress, it can make you angry and irritable, cause a loss of interest in sex, and break even the strongest relationships.
Drinking too much, abusing prescription or illegal drugs, gambling, or overeating are unhealthy habits that not only can begin due to financial stress. Money worries can also lead to self-harm or thoughts of suicide.
If you’re struggling with money worries, on top of battling with your mental health, there is support and guidance out there via charities, individuals and NHS services. The first step to getting the help you need is the hardest, but as soon as you make that first call, you will likely feel an initial weight lifted off your shoulders. In relation to your debt issues, we are happy to provide clear and honest support regarding your finances.
If you’re struggling with money worries, on top of battling with your mental health, there is support and guidance out there via charities, individuals and NHS services. The first step to getting the help you need is the hardest, but as soon as you make that first call, you will likely feel an initial weight lifted off your shoulders. In relation to your debt issues, we are happy to provide clear and honest support regarding your finances.
You might find it hard to open up and talk to your loved ones about your debt issues, however talking to someone you trust can help you feel less alone and feel a slight relief after doing so. Not everyone is lucky enough to have someone they can confide in, fortunately there are organisations that can provide the support you need.
If your mental health condition makes you more likely to overspend, this will further impact your debt level. However, if you make your credit card company or bank aware then they may be able to add a note to your file and flag your account when there is unusual activity. This can help you to stop spending above a certain amount or to contact you when they spot erratic spending.
To qualify for the Mental Health Crisis Breathing Space must prove that they are undergoing treatment. This could be via a crisis house, crisis home treatment team, community mental health team, or been detained under the Mental Health Act.
If you are eligible for help, referrals can be made by a nurse, social worker, care co-ordinator, patients’ informal carer or the person in crisis themselves. However, you must have the application certified by an Approved Mental Health Professional (AMHP).
If you’re struggling with your mental health, you’re not alone, there is lots of support out there for you.
My Debt Plan offer free and confidential advice regarding your debts. If you are worried about your mental wellbeing, we would urge you to reach out to a specialist or charity who can get you to appropriate support you need.
Below are suggestions for mental health and wellbeing advice and support you can access:
