Talk about Problem Debt During Mental Health Awareness Week
Mental Health Awareness Week is the perfect time for you to talk about your financial worries and access a wealth of support and advice.
When it comes to problem debt then remember you are not alone and agencies are available to help you.
Issues with money and mental health are interwoven because just as people in debt are significantly more likely to experience mental health problems, those with mental health problems are more likely to end up in problem debt.
According to research by the Resolution Foundation, British households plunged into the Covid pandemic with lower savings, more debt and weaker welfare support than their French and German counterparts.
The Money Charity has revealed that the average total debt per household, including mortgage now stands at almost £61,000. From January to March this year 290 people were declared insolvent or bankrupt in England or Wales.
The new Breathing Space scheme, will give people legal protection from creditors chasing them for payments and a freeze on most interest and charges on their debts for up to 60 days.
Debt can affect every aspect of your life, whether in work or at home. A lack of energy can make it harder to keep track of money, and rash decisions can result in people spending money on things they can’t actually afford.
Lack of productivity and absenteeism in work may cause a sudden reduction in a person’s income. That’s why many employers show a corporate responsibility to the wellbeing of their staff by becoming payroll partners with their nearest credit union.
This allows the workforce to save regularly or pay off a loan through deducting a regular, agreed sum from their salary. So find out if your employer is one of the 150 businesses and organisations in Wales who are payroll partners with a credit union.
People often cut themselves off from friends and family and lose their confidence when facing problem debt which is why it’s important to start the conversation and StepChange has information on how to share your concerns.
By becoming a credit union member you can be more financially resilient by saving small sums on a regular basis and building yourself a financial buffer in case of emergencies.
For further details visit your nearest credit union.