Thanks to the recent readiness of credit, debt has now reached an all-time low, leading to depression for many! This is according to a recent report from the BBC.
But what are the implications within the family due to the ease of credit?
How is it affecting their mental state?
How can other members of the family help those who have slipped into depression due to their debt problems?
It’s a fact that the majority of those who have been through debt have been left with memories which are no doubt still painful to think about.
Only those who have had to deal with major debt issues will understand the statement, ‘Debt scars and nightmares’.
Just imagine what it’s like!
The stress of wondering if you would get through another month without dipping further into debt, certainly creates mental stress.
Added to that:
- Being frightened to open your post!
- The fear of those telephone calls!
- Trying to keep your debt a secret from other members of your family.
- The impact it has with personal relationship with partners.
- What impact would your debt have on your own children’s future?
- Fear of the debt problems and constantly thinking about them, impacting on your work and thus the possibility of losing your jobs.
According to the Journal of Public Health Medicine, 2009, their research concluded that one in four British adults with a mental health problem, also had debt problems.
What impact would these cases have on the family as a whole and then, what would the figures be if that same research was done now, in 2016?
A team, supported by the British Banker’s Association and other financial and care institutions have been set up to determine how help can be arranged and applied to vulnerable customers. With this said, there are legal obstacles to be overcome for support to be given as and when required.
Debt Help For the Family
In the main, the credit or debit cards owned by a person with mental issues is a major concern for any family. Although Powers of Attorney can be set up, this takes time to implement by the relevant banks, building societies and legal departments. It’s quite a difficult process for the “trusted friend” or “trusted family member” to deal with and especially if they have limited time to invest due to their own work commitments etc.
One very important and sad point not to be overlooked is the suicide rate of people struggling with debt.
In the UK alone it is estimated that 50% of those with major debts feel that their only option is to commit suicide!
That may sound incredible to believe but for those living with a constant debt nightmare, it’s not! Of course, it’s not the easy way out, but with their mental state, they may feel that it’s the only way out and sadly do just that.
Debt Help Support Agencies
If you know of anyone who is behaving strangely due to their debt worries, then please direct them to the necessary debt agency. Better still, take them there. The first call should be to the Citizens Advice Bureau as they are there to support people with various problems, not just debt. The advantage of using the CAB is that they are free and won’t try and encourage you to get advice from a company whose only interest is to gain a referral fee!
For more information on how you can help anyone with debt problems, please click here.
Post reference:
http://www.bbc.com/news/health-35721477
https://www.citizensadvice.org.uk/about-us/contact-us/
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https://debts-challenge.com/debt-management-bite-size-steps-to-get-out-of-debt/
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