44% with mental health problems have crisis debts
People suffering from mental health problems are almost five times as likely to have severe debts compared to everyone else.
That is the most shocking finding from a MoneySavingExpert.com poll to determine the scale of the problem of mental health and debt.
We are today launching a campaign to tackle the marriage made in hell of mental health and debt, including a major new free guide for sufferers and their carers (see the free Mental Health & Debt Help booklet).
Research for the guide showed that mental health problems cause debt, while debt worries also cause mental health issues.
In the poll of 6,700 people, 44% of those who've had mental health problems (or have partners who do) have had severe or crisis debts, nearly five times as many as everyone else (9%).
We asked the same questions of those with mental health problem and those without. Here are the results:
Those who've had or have mental health issues, including where partner had mental health problems. 9% In both cases, mortgage and student loan debts are excluded. Separate figures also show one in four British adults experiences at least one mental health problem a year such as clinical depression, anxiety or bipolar disorder. Meanwhile, 38% of those seeking debt help had considered or attempted suicide. Deputy Prime Minister Nick Clegg this month pledged to give an extra £400 million to mental health services to put the sector on an equal footing with physical health. Free guide MoneySavingExpert.com today launches the first detailed guide of its type, to provide help and info for those with mental health and debt problems. It also provides help for family, friends, carers and counsellors. The free PDF booklet was written with guidance from several leading charities including Mind, Rethink and Christians Against Poverty. It includes help on where to find free one-to-one debt counselling, working with banks, tips for bipolar and depression sufferers and how friends and carers can help. The Mental health and debt booklet can be downloaded free. Martin Lewis, MoneySavingExpert.com creator, says: "Those who have never experienced problem debt often consider it to be a purely financial issue it's not. It can break up families, take the roof from your children's heads, kill confidence, pile on stress, cause depression and lead to suicide.
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