The Psychological Impact of Debt
Earlier this week a man is believed to have killed his wife and two young daughters before hanging himself due to mounting debt problems.
Debt is a fact of life for many people but for some struggling with the pressure of debt can become a major mental health issue and cause them to become overwhelmed with their situation.
Scott Kennerley, Money Advice Project Manager with Citizens Advice said: “The psychological impact of debt is something that many people give little consideration to. Many of us are not comfortable talking about our finances and many people that get into debt avoid dealing with the issue until the problem gets out of control. Taking that first step to seek advice is difficult but getting good advice and guidance is the best way forward as it helps people see a way out of their debt situation.”
Many people who come to CAB for money advice simply do not know where to turn and often feel suicidal due to the pressure of mounting debts and feeling that they are not in control of their situation. However, when they get advice and start taking steps to address their debts they feel so much better and can begin to take control of their finances again. Good quality advice can be life changing and has the power to transform people’s health and confidence. As one of the CAB money advisers said: “the advice is free, the peace of mind is priceless.”
The DETI funded Dealing with Debt service operated by Citizens Advice has helped over 2,500 clients with over £33million of debt during the year April 2009-March 2010. This is an increase of 7% on the previous year and continues the four-year upward trend since the service began.
Citizens Advice has produced a range of self help fact sheets on a range of debt issues which are available for download from the website at http://www.citizensadvice.co.uk/en/Publications/Money-Advice/Self-Help-Material/
Click here to listen again to today’s Nolan Show on BBC Radio Ulster to hear Scott Kennerley, Money Advice Project Manager, Citizens Advice talking about the psychological impact of debt (0:36mins).