Possible link between debt and mental health found

Published on Friday 9 October 2009 21:22

ONE in two people in debt may have a mental health problem, a report said yesterday.

The Royal College of Psychiatrists, which reviewed 54 papers on the subject, found evidence of a link between debt and mental health problems, including anxiety and depression.

The group said the higher people's debts were, the more likely they were to have a mental health disorder. It added that there was no conclusive evidence of a causal relationship.

It said that an individual's worry or concern about their debt could have an equal or larger impact on their mental health as the actual amount of money they owed.

The report, published with mental health charity Rethink and funded by the Money Advice Trust and the Finance & Leasing Association, found that people with mental health problems often did not seek help with their financial difficulties.

Also, customers with debts often do not disclose they have a mental health problem to their creditors, because of embarrassment or because they do not think they will be believed.