Mind highlights debt and depression links

The impact of debt on mental health should be a priority for financial institutions, it has been suggested.

A spokesperson for mental health charity Mind said banks ought to stick to guidelines outlined by the Money Advice Liaison Group, which offers suggestions on how to treat individuals with debt problems who are experiencing mental health issues.

She explained that this code of practice outlines the appropriate treatment in instances such as missed payments where people suffer from anxiety and depression.

Mind research found that two-thirds of respondents in a survey about problem debt blamed mental health problems for their financial situation.

The spokesperson said that many people become overwhelmed when creditors ring them up all the time and they receive letters from a number of debt collectors.

“Some people will find that they just withdraw from it rather than being able to tackle it because they don’t have the support it takes to face everything that is coming through all at once,” she added.

Mind is currently working with the Financial Services Authority to find solutions to this issue, which may include workshops on debt management and other financial advice.

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