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Personal debt help in the UK is a continuing problem exacerbated further for those that are suffering from illness. Your state of mind and the anxiety caused by the amount of debt has a great emotional stress which can lead to illness. However in other cases individuals have got into debt while already suffering from an illness.
There are millions of people in the UK who are struggling financially and drowning in debt, this alone causes a tremendous amount of emotional problems. The term 'over-indebtedness' is defined as someone who is "unable to pay their current credit repayments and meet their other commitments without reducing other expenditure below normal minimal levels."
Unfortunately many people who are financially over committed are more likely to suffer from depression and ill-health; this includes mental illness, as well as being more likely to incur even more debt and the stress along with it. A leading mental health expert recently carried out a study that found 43% of adults suffer from 'Money sickness syndrome' and was found that 20% began missing work due to the stress caused by their debts.
The department of health and the environment at the Wales Centre for Health is conducting research into the link between ill health and debt. The director Susan Malby has said:
"Most of us are in debt of some kind, but we prefer to call it credit, a much more socially acceptable way of describing debt. However, over-indebtedness isn't linked uniquely with poor debt management or low-income families. Events such as birth of a child, sudden unemployment, the death of someone close, long-term illness or disability; all significantly increase the chances of falling into severe debt."
With lenders now more cautious with their lending practices as to whom they lend money to credit whether credit cards, store cards, overdrafts or personal loans; these are all still readily available.
The increase in personal debt in the UK has partially been blamed on the UK’s "buy now, pay later" culture. In today’s environment it is difficult to enjoy life without having to use credit thus increasing your personal debt level. In addition many struggle to get a grasp on the housing ladder or to even continue to afford their drastically increased mortgage or rent repayments.
The research by the Wales Centre for Health has found that many who fall into debt suffer health problems because they can no longer afford to eat properly or heat their home. With any individual suffering from debt worries, debt will not only affect you but your family and your home will also suffer. That adds to the anxiety they are already feeling and that's when people can slip into the spiral of hopelessness that in-turn leads to lack of self-esteem at best, or can manifest itself as mental illness in worst case scenarios.
To prevent this Debt Plan Direct are here to help anyone in the situation where they need help finding appropriate debt solutions.
Please contact us on 0845 055 8152 should you need immediate help to get back on the road to financial and emotional well-being.
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