If you are only going to take one thing from reading this article take this: 

“No debt problems are unsolvable. It might not be easy or quick, but there’s always a route.”

There are countless studies which show a strong correlation between consumers with debt problems and being depressed or feeling mentally ill. A 2020 survey, by Christians Against Poverty, showed that 39% of debt struggling consumers stated that their debt negatively affected their relationships and 24% said they considered or attempted suicide.

What came first – the chicken or the egg?

The answer is – both. Mental health issues can play a huge part in having debt problems; and having severe debt can cause mental health problems. It is important to recognize what is causing the problem that you or someone close to you is experiencing. 

When the demands an individual faces are bigger than the resources they have, they are likely to experience problems. When the problems do not go away, it can cause anxiety and stress and this can lead to depression. This is how an individual’s mental health depreciates when they cannot afford to repay their debt. 

Is this something you are experiencing?

Although this story may seem bleak, it is important to remember two things:

  1. There is light at the end of the tunnel and
  2. You are not alone.

“I have so much debt I am overwhelmed, what can I do?”

Using debt to repay other debt or to cover your living expenses is simply not sustainable. It can be extremely stressful and can soon become overwhelming. This feeling is especially important, once you can acknowledge this you are already on your road to financial freedom and peace of mind. 

Speak To The Pros

The next step is to speak to someone about what you are experiencing. Have you spoken to your partner? To a friend or family member? Have you spoken to a professional? Sometimes speaking to someone close to you can help give yourself some clarity.  

The biggest benefit of speaking to a professional is that you will also be able to find a suitable, sustainable solution to the debt problem you are experiencing. This will then give you the freedom to focus your mind on the things that you love. 

At Vantage our goal is to listen to our clients, understand their situation and try to recommend the best possible solution. Speak to one of our experienced consultants today to see how we can make things easier for you.

{Source: Money Saving Expert)

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