Problem debt effects Brits mental health
10/02/2015
According to research from the Debt Advisory Centre (DAC), 16% of people in the UK believe they have a problem with debt.
The survey conducted found that 16% of UK adults, which works out to approximately 8 million people, believe they personally have a “debt problem”.
People aged between 35-44 years old are most likely to believe that their borrowing has reached “problem levels”, compared to only 8% of people over the age of 55 years.
Of the people who thought that they had a debt problem, 92% of them admitted to worrying about what they owe, with almost half saying that they worry all the time. The research also showed that 49% of people believe that their debt problems effect their sleep, 33% think it has an impact on the relationship with their partner, and worryingly, 39% of people believe it is having an effect on their mental health.
Regionally the West Midlands and the North East have higher than average number of people saying that they have a debt problem. People in Yorkshire and the East Midlands are the least likely to say their debt has reached problem status.
Ian Williams, spokesman for DAC, said:
“The link between over indebtedness and mental health problems are well established. What our survey reveals is how problem debt can affect every aspect of people’s lives.”
“The real tragedy of these figures is that there is plenty of debt help available. The Money Advice Service, CAB and firms such as Debt Advisory Centre can all provide help, advice and financial and emotional support. In our experience, however, it is very common for people to ‘bottle up’ their debt problem – keeping it from even their nearest and dearest.”
“In reality, there’s a way out of every debt problem – and the sooner people take the plunge and tackle it the better.”
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