The burden of debt, coupled with an inner feeling of helplessness, is simply too much for some people to deal with. People in the debt advice industry are all too aware of people committing suicide as a result of their finacial hardship. This is a vital issue to address on World Suicide Awareness Day.
Issues with money often have a ripple effect that lead to mental health getting even worse. Marriages can break down, employers might relieve you from your job and your family relationships will be put under strain. Such issues have been given a sharper focus in light of the coronavirus catastrophe.
The pandemic has placed a spotlight on living standards within the UK. A report made by the Mental Health and Income Commision has been working with many sectors across Britain, using that information to produce a 2020-21 report on the matter.
The report reveals that the average income for people with mental health problems is £8,400 lower than the rest of the population. Furthermore, two in five people with mental health problems had faced a drop in income because of the pandemic.
These numbers show that those with mental health are often dealt a bad hand within British society. Employers are not always as kind to difference as they ought to be and many people can find it hard to find sustainable work, potentially leading to dangerous pastimes.
As noted in my article on gambling, those with mental health problems are susceptible to spending excessive amounts. 40% of those with a mental illness have admitted to spending frivolously money on online gambling websites because they weren’t able to fully comprehend the consequences to what they were doing. Whether people are gambling to try to fight their way out of existing debts or not, the end result is unlikely to be pretty.
Fighting fire with fire is never the sensible way out. Debt and mental unrest is like gasoline and a match: they go off together and cause problematic results. These problematic results lead vulnerable people down a rabbit hole and it can lead to suicide. Sometimes, there doesn’t seem to be a way out for people.
If you ever get into a situation like this, you should always look to talk to someone. A shared problem helps you to reach a mental solution more quickly. However, we recognise that it sometimes isn’t easy to talk about your troubles – especially if you are a man.
Men have historically been brought up to wear a stiff upper lip in the face of adversity. Many have been told to hide their emotions as it is a sign of weakness. Even though mental health discussion has come a long way over the years, there are still many men who feel uncomfortable discussing their plight. In this situation, it is advised that you speak to a specific set of experts.
Help is everywhere
Expert debt advisors, such as ourselves, will be able to assist you on your financial struggles. Do not pay for any form of debt advice as your advisors should be free of charge.
On the other side of things, it might be wise to seek help from a councillor, therapist or mental health expert.
Combine the two together and you could be entitled to the Debt Respite Scheme that is focused on those in a mental health crisis. This allows protection against creditors for as long as the mental health period lasts, with 30 days extra added on top of that.
The Debt Restbite Scheme was put in place during the coronavirus pandemic and it was designed to give struggling debtors the opportunity to get themselves back on track. The addition of the mental health section will absolutely help those who need it the most.
It is important to remember that your life journey is not meant to be closed off from everybody else. Speaking out is incredibly important, whether you have monetary issues or not. You are not alone and there are many local groups that can help you to deal with your mental health concerns.
Links to Mental Health charities
Mind and the Samaritans are two wonderful organisations who are here to listen to your problems in a time of need.