Only Finance.com® - Mentally Unstable People Likely to Incur More Debt

Debt - Mentally Unstable People Likely to Incur More Debt - 11/05/2008

Experts have warned that people with mental health problems are three times more likely to accumulate huge debts than the general population as credit crisis continues to be a menace.

Among those with bipolar disorder the number is more likely to be higher. This is because over-spending is part of the condition, experts said.

They further warned that financial troubles could lead to mental health problems like anxiety, depression and even suicide, urging lenders, debt collectors and health professional to be alert as the situation worsens under credit crunch.

The findings were revealed as a report by the mental health charity Mind is being published, which suggests that debt is leaving tens of thousands of vulnerable people struggling to find money to eat, stay warm and pay rent.

There’s a need for better understanding of the links between debt and manic depression, said comedian and writer, Stephen Fry, who’s, himself, suffering from bipolar disorder.

“My own bipolar condition has caused me to go on plenty of giddy spending sprees. Because so much stigma still surrounds mental health, many people can’t get a job, are on poverty line, and can’t get credit from anyone but doorstep lenders charging up to 400 per cent interests,” he explained.

The charity Credit Action has warned that the average household debt reached £9,216 this month, excluding mortgages.

One-in-four people with mental health problems is in debt, which means that a shocking 2.5 million people are estimated to be struggling with debts while dealing with illness.

Bipolar disorder affects one per cent of the population and is characterised by extreme mood swings. It is associated with shopping sprees during a manic phase.