Problem debt, mental health and economic turmoils
According to the latest report from the Money and Mental Health Policy Institute, 46% of British people in problem debt also have a mental health problem.
While we are all getting adjusted to the new normal, there is a growing call on regulators and providers to protect the most vulnerable customers.
One size does not fit all
Coronavirus revealed Brits’ susceptibility to the dangers of debt. Meaning there are now one-and-a-half million over-indebted British citizens with mental health problems.
With many economic challenges ahead, it’s never been more critical to provide debt advice in a way that meets people’s needs, in a non-judgemental and holistic manner.
Financial well-being starts with acceptance
The first step to take, in addressing debt, is to accept the current situation. The next is to seek advice. Debt is a complex challenge and often may leave people to feel unsure about available options.
What is needed is providing the support that reflects their mental health and workable long-term debt solutions.
No-one should be ashamed of their circumstances. For our own and the economy’s sake.
If you are facing financial problems or need help with understanding your options, please do not put it off. Seeking help earlier can stop the spiral of debt and improve your mental health.
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