Knowledge Tree
problem debt
Facts (12)
Sources
Money and mental health facts and statistics moneyandmentalhealth.org 9 facts
measurementMore than 100,000 people in England attempt suicide while in problem debt each year.
claimDebt advice services are a potential lifeline for people with problem debt, but individuals with mental health problems often struggle to access these services and require greater system flexibility.
measurement46% of people in problem debt also have a mental health problem.
measurementIn England in 2018, 23,000 people were struggling with problem debt while hospitalized for mental health issues.
measurementIn England, over 1.5 million people are experiencing both problem debt and mental health problems.
measurementPeople in problem debt are three times as likely to have thought about suicide in the past year compared to the general population.
measurement18% of people with mental health problems are in problem debt.
measurementPeople experiencing mental health problems are three and a half times more likely to be in problem debt than people without mental health problems, with 18% of the former group in debt compared to 5% of the latter.
measurementPeople with depression and problem debt are 4.2 times more likely to still have depression 18 months later compared to people with depression who do not have financial difficulty.
Debt and mental health: the role of psychiatrists cambridge.org Jan 2, 2018 2 facts
claimProblem debt can arise from a lack of money due to low income or unexpected changes in income, such as job changes, redundancy, or relationship breakdown.
procedureDebt counselling professionals utilize an eight-stage 'debt spiral' model to understand the progression from manageable debt to problem debt, which allows for intervention at each stage.
Debt Stress: How Debt Affects Mental Health - Debt.org debt.org 1 fact
claimResearch by the Money and Mental Health Policy Institute indicates that people with problem debt are significantly more likely to experience mental health problems, and people with mental health problems are more likely to be in trouble with debt.