Consumer debt and mental health
We believe mental health problems resulting from debt are not taken seriously enough. Giving this subject the full coverage it deserves could open up methods and practices that can force a profound change that might not be popular with some organisations that profit from the industry.
We will never claim to be experts in mental health; this is our way of helping or supporting someone suffering.
Who is at risk?
The issue with lending money is that almost anyone can borrow at any time, so absolutely anyone is at risk. The risk can depend on factors such as what is happening in a person’s life at the time, their current mental and emotional state, their knowledge of the subject, any medical ailments, and their vulnerability.
It is easy to borrow, especially if your credit score is high or you have collateral. However, the lender generally has no idea what the borrower is using the money for or their current state of mind.
Payday loans were, and still are, a classic example of the detachment from the borrower and their circumstances. Shockingly, the Citizens Advice Bureau reported cases of teenagers taking out loans whilst drunk or suffering from mental health issues when the industry was at its peak. Before the Financial Conduct Authority capped the interest rate for payday loans, the interest rates were astronomical. It was no wonder that reports of people committing suicide due to their payday loan debt started surfacing.
What should you do if you are suffering?
The most important thing you should do when suffering with your mental health surrounding debt is to talk about it.
The Real Debt Guy
Talk about it with someone, anyone you feel comfortable with.
You may not feel comfortable talking about your situation with someone you know. You may prefer a stranger, someone who you feel won’t judge you (though we’re sure your loved ones won't). The Samaritans may be able to help you, or your doctor may be able to provide you with support. Additionally, you can visit our Mindfulness section, where we share articles we believe will help our community and their mindset related to debt and finances. You are not alone; we never want you to feel you are.
Coping with Financial Stress
How we can help
Knowing your options for handling your debt plays a big part in your mental well-being. Please visit our I need help with debt section to explore all your options, including their pros and cons. We have designed this area to be as stress-free and easy to navigate as possible so you can find potential solutions to your debt issues.
