How Debt Affects your Health
Personal debt is certainly not a new issue, but the problem seems to have been made far worse in light of the recent recession. Fewer jobs, more unemployment and a lack of consumer confidence is a dangerous concoction. It’s therefore little wonder that the number of people reporting health issues largely related to debt is on the increase.
While at least 9000 people each day seek some form of debt advice, such as IVA help, every single day, it is thought that there are thousands more simply burying their head in the sand over their debts and worrying in silence.
Debt is known to cause sleep problems, stress, anxiety, clinical depression and a loss of appetite. These can, in turn, lead to some pretty nasty physical health complaints.
The Forum for Mental Health recently released a report highlighting the dangers of debt for your health. It stated that over 50% of those in debt have some form of mental health concern, whether it be anxiety, depression or another problem. This was then put into perspective when it was pointed out that only 14% of those not in debt suffer any such problem. Their findings also tell us that those who owe money to five or more creditors are six times more likely to suffer such problems.
Perhaps the most enlightening part of the report was the “recovery information.” It shows that around 85% of those in debt and suffering mental health problems saw significant improvement to their health within 4 years of seeking help for the problem. This confirms the belief that ignoring a debt problem makes it worse.
So while the numbers of people seeking an IVA, debt management plan or an alternative debt solution may seem high, the fact that people are actively seeking help is a positive thing!