How Debt Can Affect Your Mental Health
Debt doesn’t just impact your finances, it can affect every part of daily life. You might find yourself:
- Feeling anxious when a bill arrives or the phone rings
- Avoiding your bank account or post altogether
- Struggling to sleep or focus at work
- Withdrawing from friends and family
- Feeling ashamed, stuck or overwhelmed
When money becomes a constant source of stress, your emotional resilience can start to wear thin. And the longer it continues, the harder it can feel to take action.
The Cycle Between Debt And Mental Health Problems
Money problems and mental health challenges can create a cycle that’s difficult to break. If you’re feeling low, it can be harder to stay on top of bills or find the motivation to deal with creditors. That can lead to missed payments, rising interest and even more pressure.
As the financial stress increases, your mental health can take another hit and around it goes.
Understanding that this is a common pattern can help remove the shame. It’s not about weakness or failure. It’s about getting the right support in place to deal with both sides of the issue.
Mental Health And Debt Statistics in the UK
According to the Money and Mental Health Policy Institute, people with mental health problems are over three times more likely to be in problem debt. Many also find it harder to:
- Budget or plan ahead
- Cope with unexpected costs
- Engage with financial services or ask for help
Despite this, financial and mental health support are still often offered in isolation. That’s why it’s so important to find help that understands how the two overlap and tackles both in a supportive, practical way.
What To Do If Debt Is Affecting Your Mental Health
If you’re feeling the strain, here are a few steps that can help you start to feel more in control:
Talk to someone
You don’t have to go through it alone. Opening up to a trusted friend, family member or support service can ease the pressure and help you think more clearly.
Write things down
List out what you owe, who to, and what your current income looks like. Getting everything on paper can feel like a relief, even if the numbers are difficult to face.
Get practical support with your debts
At PennyPlan, we offer free, confidential advice based on your circumstances. No pressure, no judgment, just guidance you can trust.
Look after your wellbeing too
Debt advice is only one piece of the puzzle. If your mental health is being affected, consider speaking to your GP or accessing a mental health support charity for extra help.
Get Support For Debt And Mental Health At The Same Time
You don’t need to have it all figured out before asking for help. We speak to people every day who feel exactly the way you do; stuck, stressed and unsure what to do next.
We’ll help you understand your options, take some of the pressure off, and support you as you get things back on track. Start getting back on track and get in touch today.
