Dealing with mental health
and debt during the cost-of-living crisis
Dealing with mental health and debt during the cost-of-living crisis
Managing money can be harder if you are experiencing mental health issues and of course worrying about money can have an equally negative impact on your mental health. It can start to feel like a downward spiral.
As the cost-of-living crisis continues, we understand many people have found themselves in debt and are left feeling stressed and anxious about the future.
The first thing we want to remind you is that you are not alone. Thousands of men have been through exactly what you are experiencing and come out the other side.
Remember, no matter how helpless it might seem – no debt problem is unsolvable. It might not be easy or quick, but there’s always a solution. Specialist help is also available to help you manage your debts if you are suffering from poor mental health.
Sometimes even having the energy to acknowledge there is a problem and take steps to deal with it can feel overwhelming. If you feel you need support to deal with your current situation, there are services out there that can help you. Get in touch with the free debt crisis contacts listed below who will be able to help you get on top of your finances, draw up a budget and prioritise your debts.
However, if you feel ready to start to tackle the issues yourself there are some simple practical steps you can take to start getting back on track.
Talk about it
We often don’t want to share our money worries with the ones we love for fear of upsetting them or letting them down, but sharing the problem is a very positive first step. If you aren’t ready to share it with your friends or partner, talk to a debt councillor like National Debtline or Stepchange who will be able to help put some steps in place straightaway. You can even do this via an online form if you are not feeling up to talking to somebody in person. This will help you have a plan of action before you speak to your family or friends.
Make sure you are getting any financial support you are entitled to
If you are suffering with mental health issues, you may be entitled to financial support. You can check your eligibility quickly and easily via Money Saving Expert.
Apply for some ‘breathing space’
Since 2021, people struggling with debt are entitled to a 60-day respite where all interest and charges on your debts are frozen. If you are undergoing treatment for your mental health, you may be entitled to even longer. This is not automatic – you will need to ask for help. You can find more information on National Debtline.
Draw up a budget
If you feel up to it, sit down and look at what you are spending to build up a realistic picture of your income and outgoings. A free budget planner is available from Money Saving Expert to help get you started.
Cut interest rates down
The lower interest you are paying, the quicker you can clear your debt. It may be that by doing a balance transfer and paying off your old card debts with a new card at a cheaper interest rate you can save yourself a lot of money in the long run.
If you are struggling with your finances during the cost-of-living crisis, remember it is important to find time to protect your mental health. Feeling overwhelmed by debt can lead to anxiety, stress and depression. Don’t suffer alone. There are things you can do and there are people out there who can support you through it step-by-step.
There is a way out and the sooner you start to get help, the easier it will be.
Free debt crisis contacts and support services
- Money Saving Expert has launched a free booklet supported by Mind, Rethink and CAP UK to support people with mental health issues who are experiencing debt and those caring for them. It can be downloaded from here.
- Citizens Advice – offer free, confidential and impartial debt advice service. You can find more information at citizensadvice.org.uk or call the national helpline 0800 144 8848.
- StepChange – provides full debt help service, as well as extra support to vulnerable people, including those with mental health issues. They can help completing forms or with benefits checks. Make sure you let its counsellors know about your condition, so you can get the right support you need. Visit stepchange.org or call 0800 138 1111.
- National Debtline – provides free advice and resources to help people deal with their debts. Advice is available via webchat at nationaldebtline.org or phone 0808 808 4000.
- The Money & Mental Health Advice Service – run by Mental Health UK, it helps people understand, manage and improve their mental health and money issues. mentalhealthandmoneyadvice.org
Our local champions have shared what they do to help their mental health. Find out more and maybe share your own suggestions on social media using the hashtag #calmyourmind
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