Mental health issues rife among debt sufferers
Mental health issues rife among debt sufferers
Friday 9th October 2009
According to research from the Royal College of Psychiatrists (RCP) and Rethink, half of adults in debt could have mental health issues.
Stephen Sklaroff, director-general of research funder the Finance & Leasing Association, said that debt advisory services should take the mental condition of each consumer into account.
He commented: "One in four adults with a mental illness also report having unmanageable debt. Our Lending Code requires finance companies to take this into consideration when dealing with their customers."
Lending his support to the study, comedian Stephen Fry said that his bipolar condition had caused him to go on a number of "giddy spending sprees".
He suggested that he understood the "difficulties of debt brought on by poor health".
The recession has been highlighted by professor Dinesh Bhugra of the RCP as the reason behind the particularly large number of people suffering from both poor mental health and poor finances.
This fact was backed up by Paul Corry, director of public affairs at Rethink, who said: "People with mental health problems sometimes have particular issues with money as a result of their illness.
"Those who are working may lose their jobs suddenly if they become unwell, while others who live on state benefits may not have the funds available to cover one off costs."
According to the research, 25 per cent of adults with mental health problems report having "unmanageable debts".
News article brought to you by Debt1 – UK debt management specialists
Related News
Debt management needs to increase unless retirement age raised to 75? - 05/10/09
Calls have been made for the retirement age to be raised to 75 in order to compensate for the increased financial requirements of longer living
Calls have been made for the retirement age to be raised to 75 in order to compensate for the increased financial requirements of longer living
Could debt management reduce car crash fraud? - 02/10/09
Many of Britain's road users would consider acting fraudulently in order to secure some extra cash to help survive the recession
Many of Britain's road users would consider acting fraudulently in order to secure some extra cash to help survive the recession
Scrapping personal accounts could increase debt management needs - 29/09/09
The Trades Union Congress (TUC) has responded to recent assertions that the government should scrap the proposed personal accounts scheme, by suggesting that it could lead to millions begin 'unpensioned'
The Trades Union Congress (TUC) has responded to recent assertions that the government should scrap the proposed personal accounts scheme, by suggesting that it could lead to millions begin 'unpensioned'
Bank charge change could reduce debt management needs - 28/09/09
Gordon Brown has called for an end to the bank charge saga and asked for a "negotiated solution" to be reached
Gordon Brown has called for an end to the bank charge saga and asked for a "negotiated solution" to be reached
Debt management could help people combat 'fear factor' - 25/09/09
High Street banks are making it difficult for consumers to get the most out of their current account by complicating the comparison process
High Street banks are making it difficult for consumers to get the most out of their current account by complicating the comparison process
News Article Search
Quick Apply
News Archive