Debt -
Debt Can Lead to Mental Health Problems
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As I’m sure you are all aware debt is on the increase and has been consistently rising for quite a significant period of time. Even credit is harder to gain now, more so than ever before. Also we will see the conversion of a substantial amount of fixed-rate mortgages, into more costly variable rate mortgages. But even more worrying than this, is the type of effect that debt is having on individuals in the UK.
It is believed that the anxiety brought about by the stress of debt, can eventually lead to mental health problems for some individuals. According to research carried out by Mind, which is a charity that deals with mental health, illustrates that debt can activate stress and anxiety, depression, cause people to self harm, as well as even lead up to a person committing suicide.
Experts believe that the process of debt can begin with just that one payment that has not been paid, which could then cause a stream of letters from collection agencies, with demands for payments that can have much more of a devastating effect, than talking to their actual lenders directly. It is thought that the combination of the pressure brought about by the debt and the demands laid on by the creditor can create a huge amount of stress.
Chris Fitch: from the Royal college of Psychiatrists commented and said “people become overwhelmed and try to ignore what is happening. It is at this point that mental health can be most affected.” We often see in our national press papers, stories that illustrate cases of suicide committed by people who were not capable of dealing with their repossession, or credit card debt.
Personally I believe that the Lenders here in the UK have a duty to ensure that they are not in anyway shape or form, discriminating against those with mental health problems, whilst at the same time assisting those customers whose borrowing levels have reached dismal heights. At the moment there have been publications, released on the subject of debt, relating to people with mental health problems. I personally believe that this is a step in the right direction as they can be utilised by the lenders and debt collectors as a manual.
The truth of the matter being, that this is an area that is serious and at the moment does not appear to be improving but in fact getting worse.
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