Increasingly serious debt management problems are resulting in mental health issues and depression for many thousands of people around the UK, according to a new report.
The UK’s leading mental health charity Mind has suggested that the credit crunch and rising living costs are adding to the psychological strain of millions of Britons.
Research by the organisation recently found that nine in ten people with “problem debts” felt that their financial issues had worsening their state of mind.
Furthermore, almost the same proportion are adding to their debt burdens in order to pay for everyday living costs, while most are going without heating and food as a result of their arrears.
Reflecting on potential solutions to the perceived crisis, Mind’s chief executive Paul Farmer said: “We need to see action by banks, debt collection agencies and other creditors.”
“Creditors have a duty to help not hound their customers, especially when they are coping with serious health problems,” he added.
Last week, a report from the Fair Investment Company suggested that fewer people around the country have been looking to borrow money in recent months as a result of the credit crunch.