According to latest research, people who are struggling with their debts should consider debt advice to avoid mental health problems from developing.
The study by the Royal College of Psychiatrists and Rethink, revealed that half of British adults struggling with debt problems are also potentially dealing with a mental health issue.
Their findings suggest that by seeking debt management sooner rather than later, the impact of debt management problems can be minimised and safeguard a person’s mental health as well as their finances.
Professor Dinesh Bhugra, President of the Royal College of Psychiatrists, said: “Research and clinical experience tells us that the more debts people have, the more likely they are to have a mental health problem.”
So by controlling an individuals credit commitments through implementing debt advice techniques, it could help to stave off any mental health problems.
Director of public affairs at Rethink, Paul Corry, said: “People with mental health problems sometimes have particular issues with money as a result of their illness.
Actor, comedian and writer Stephen Fry has welcomed the study, saying that it will lead to more appropriate mental health and debt advice.
“Those who are working may lose their jobs suddenly if they become unwell, while others who live on state benefits may not have the funds available to cover one off costs. A quarter of people who have a mental illness will be in debt.”
Mr Fry, a well-known sufferer from a mild form of bipolar disorder, said that his condition has often caused him to “go on many giddy spending sprees”.
Ivan Cooper, Chairman at debt management specialists Chiltern, said: “People are often in a vulnerable state when they have developed debt problems, which is why consumer codes – like the DEMSA code – ensure that these issues are recognised and adhered to.
“This ensures that the debt management advice that someone receives is suitable for them – not the company that is providing the advice – which is why the Office of Fair Trading have accredited DEMSA’s members.”