Mental health 'a concern' for people in debt

Thu 22 May 2008 - Published in Loans

Institutions that lend money should ensure that they deal with problem debt in an appropriate way so to avoid any mental health concerns, an expert has urged.

A spokesperson for mental health charity Mind said that financial institutions that put a lot of pressure on individuals over the repayment of loans or other debts can exacerbate the situation, as consumers may just shut off due to the increased stress.

"Some people will find that they just withdraw from it rather than being able to tackle it because they don't have the support it take to face everything," said the Mind spokesperson.

She added that the organisation is encouraging financial institutions to follow guidelines issued by the Money Advice Liaison Group over how to treat people with problem debts and mental health problems, so that individuals get treated fairly.

Research published by the Money Advice Trust found that some 72 per cent of National Debtline clients said that being in debt gives them a physical illness.

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