Debt can have many impacts on a person’s life; it can negatively affect your credit rating score and stop you obtaining types of credit such as a credit card or loan, it can prevent you from buying your dream home or even just renting an apartment. Debt, however, can also significantly impact a person’s mental health.
It’s well known that money worries and mental health go hand in hand, with half of adults in problem debt also having a mental health condition including major depression and anxiety. The worries of debt and persistent creditor contact can also result in stress, which if left untreated can cause further problems such as difficulty sleeping, extreme anxiety, muscle tension, chest pain and irritability.
Effects on Health
Debt can affect an individual’s health in a number of ways. Sleepless nights, raised blood pressure, anxiety and the feeling of a black cloud following you.
Effects on Relationships
Relationships can also suffer at the hands of debt, with one in four people in debt saying it has had a negative impact on their relationship. Debt routinely causes more arguments between partners and can cause relationship breakdown due to decreased positive communication, increasing mistrust and blame. Other’s tend to hide their debt from their partner’s and this can cause feelings of guilt and shame to manifest which further hurt their mental health.
Being in financial difficulty can also reduce recovery rates of those who already suffer a mental health condition and make treatment less effective.
Support from Aperture
At Aperture however, we believe personal and family relationships are important to our client’s ability to manage debt, which is why we provide support and advice for both our clients and their families through our comprehensive wellbeing package. We also recognise that mental health problems can affect a person’s planning ability, their ability to make financial decisions and can change their spending patterns. That is why we offer each client a personalised budget plan which they can follow every month to ensure, whether they are in good or bad mental health, they won’t overspend and get into debts.