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Loan charges: Strong link found between debt and depression

There is a clear link between debt and depression and anxiety, according to research by a leading charity.

StepChange, a debt charity, has revealed that 60 per cent of people it has spoken to about financial hardship were identified as suffering severe depression or anxiety.

The charity said that during 2012 it received around 5,000 calls per month to its debt counselling service, with the research compiled using a counselling tool to determine if those calling had depression or anxiety.

Almost two-thirds had severe depression or anxiety, a further 27 per cent had a moderate form and 13 per cent illustrated signs of a mild form of the conditions.

"These figures emphasise the link between debt and mental health problems," the charity's director of external affairs, Delroy Corinaldi, told the Guardian.

"Combined together, these issues can have a debilitating effect on people's lives."

Debt has long been known to have an impact on emotional well-being, with these figures illustrating that the two often go hand in hand.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801586766-ADNFCR

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