Debt leads to mental health issues
A third of people have had their mental health affected by debt worries, new research has found.
Coinciding with Mental Health Week, the Debt Advisory Centre found that three quarters of people (76%) worry about their debts at least some of the time, while 15% worry about them all the time.
And a third of Brits (31%) said financial stress was putting a strain on their mental health, with 52% saying they were so concerned they were failing to sleep at night. More than a quarter (28%) said their physical health had also been impacted.
Debt worries are also causing stress on people's relationships. More than a third (35%) said their relationship with their family had been put under pressure as a result of financial concerns, while 14% had their relationship with friends affected.
Ian Williams at the Debt Advisory Centre said: "Problem debt has consequences for more than just people's finances. This research shows that worrying about debt is having a severe impact on many different areas of people's lives, including their mental health.
"If you are worried about your debts and feel this pressure is negatively affecting your health, it's important you not only seek help and support to get your finances back under control, but also that you speak with a healthcare professional. Ignoring either problem will only mean the situation could get worse."
Last month, the British Bankers' Association (BBA) revealed that the total amount of outstanding debt in the UK stands at £30 billion.