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People With Depression Likely To Fall Into A Crippling Debt Issue: UK Study

People With Depression Likely To Fall Into A Crippling Debt Issue: UK Study
A recent analysis in the United Kingdom has suggested that those individuals who have a mental health condition are more likely to fall in a debt related problem three and a half time more than those without any such issues.
According to the research conducted by the Money and Mental Health Policy Institute, for people suffering from certain conditions such as bipolar disorder and depression, the relationship is even bigger.
People having issues of Obsessive Compulsive Disorder (OCD) are six time more likely to fall in a dab debt condition with serious money problems, the research suggested.
The Institute therefore urged people and policy and people close to such people in such situations to look out for and offer greater protection.
Responses from 7,500 people in England, contained in and collected from the Adult Psychiatric Morbidity Survey were used and analyzed by the study to come to the conclusion. The outcome of the study revealed that issues of mental health and debt issues were plaguing a total of about 1.5 million people at the same time.
The report mentioned an individual suffering from issues with Debbie and residing in the West Midlands had a tendency to go into depression. This was, according to the study, partly because of the death of her father. The study found that her spending increased significantly during such periods of depression. The individual reportedly had told the study team she had developed the habit in the past that she would use her credit card to purchase things whenever she felt low because of depression. She also confirmed that often the items she bought were not needed by her.  She consequently built up a debt totalling £70,000 because of her credit card debt, credit purchasing with store card and catalogue debt, in addition to extra travelling costs for a new, lower-paid job. She finally decided to declare herself bankrupt to save herself form the debt.
One out of four people affected by depression were likely to have or were in a debt problem, the institute study found, compared to about one in 20 people who were not suffering from any kind of mental health issues.
People's ability to manage their finances could be affected because of symptoms of depression, such as low moods and poor concentration, said the report.
"When you're struggling with your mental health it can be much harder to stay in work or manage your spending, while being in debt can cause huge stress and anxiety - so the two issues feed off each other, creating a vicious cycle which can destroy lives,” said Helen Undy, the institute's chief executive.
"Yet despite how connected these problems are, financial services rarely think about our mental health, and mental health services rarely consider what is happening with our money," she added.
A call for the government to regulate the minimum standards that providers of services including the banks, the energy suppliers, the debt collectors, that are offered to such people in bad mental health conditions so that it can be ensured hat they are given a fair deal.


Christopher J. Mitchell

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