Debt and Mental Health Support
If you have mental health issues, it can make earning and managing money more difficult. And being in debt can harm your mental health further. Continue reading if you want to find resources to support your mental health, and how to tackle your debt and organise your finances.
How Can Debt Affect Your Mental Health?
Debt can cause anxiety, low moods and disrupted sleep. When you’re not sleeping well, it affects your physical health. Your mood and energy levels will be lower, which will impact work and your relationships with friends and family. Many people are embarrassed or ashamed of being in debt, which can affect their overall feeling of value and self-worth, having a knock-on effect on their mental health.
How Can Poor Mental Health Affect Your Finances?
Struggling with your mental health can make it hard to manage money efficiently or stay on budget. People who feel depressed may want to impulse buy to feel better or lack the energy or motivation to keep track of their money and budget. Some mental health conditions mean people lack the capacity to make informed decisions too.
Use Mental Health Resources
There’s plenty of support if you are suffering with your mental health.
Find Out if You Qualify for Breathing Space
Breathing Space is a scheme that offers temporary protection from your creditors while you get debt advice and make a plan. If you’re getting mental health crisis treatment you can get protection from your creditors for longer. To apply for breathing space you need to talk to a debt advisor and they can apply on your behalf if it’s the right thing to do. It’s free to apply and there are certain eligibility criteria such as you are not already using the breathing space scheme and have not used it in the last 12 months.
Tell Your Creditors About Your Mental Health
It may be helpful to tell your creditors if you’re struggling with your mental health, especially if it makes it difficult to pay your debt.
How Do I Get Help With My Debt?
The first step is to get debt advice from an expert advisor so we can best support you in dealing with your debts. The easiest way to get debt advice is to use our online debt help tool. Fill in your details and we can tell you the best debt solution for you without you having to speak to anyone. Or, you can speak to one of our debt advisors over the phone, via email or live chat.