MoneySaving Poll: Does mental health affect your debts?

Former_MSE_Darryl
Former_MSE_Darryl Posts: 210 Forumite
edited 7 May 2014 at 12:16PM in MoneySaving polls
Poll started 6 May 2014

We're updating our research on links between mental health issues & debt problems. It's argued either one can cause the other. If you’ve been affected, see our Mental Health and Debt guide.

Does mental health affect your debts? Please exclude mortgages and student loans from definition of "debt".

I (and my partner) have NEVER had mental health problems
NEVER been in debt
Only ever had limited debts
Bigger debts, but not a problem
Severe or crisis debts

I (or my partner) HAVE / HAVE HAD mental health problems
NEVER been in debt
Only ever had limited debts
Bigger debts, but not a problem
Severe or crisis debts

Vote in this week's poll

Did you vote? Are you surprised at the results so far? Have your say below. To see the results from last time, click this

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Comments

  • socks_uk
    socks_uk Posts: 2,813 Forumite
    Name Dropper Combo Breaker First Post First Anniversary
    My husband is currently under Stepchange due to him spending on credit cards due to him having Schizophrenia. I'm pleased to say his credit rating is ZERO now so hopefully he can't get any more credit that way but I worry about the 'Wonga' type places.
    DEBT FREE BY 60
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  • Gordon_the_Moron
    Gordon_the_Moron Posts: 1,472 Forumite
    First Anniversary Combo Breaker First Post
    Do you include 0% credit cards where you've got enough saved earning interest to cover the amount borrowed as 'debts'? (technically they are)
    If you don't like what I say slap me around with a large trout and PM me to tell me why.

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  • Ectophile
    Ectophile Posts: 7,330 Forumite
    First Anniversary Name Dropper First Post
    The question is so badly worded, I don't know how to answer it. Anyone who has ever had a mortgage has had big debts. So I really ought to tick the "bigger debts, but not a problem" option. But I don't think that is what the poll writer intended.
    If it sticks, force it.
    If it breaks, well it wasn't working right anyway.
  • webwiz
    webwiz Posts: 215 Forumite
    First Post First Anniversary Combo Breaker
    I assume 'debts' does not include mortgages?
  • happyinflorida
    happyinflorida Posts: 807 Forumite
    First Post First Anniversary Combo Breaker
    You can - with the person's permission - get notes put on credit reference agencies advising that the person should not be offered any credit facilities at all, this helps people with mental health problems who sometimes cannot stop themselves from taking out credit that they will later regret.
  • MSE_Martin
    MSE_Martin Posts: 8,272 Money Saving Expert
    First Post First Anniversary Combo Breaker
    Ectophile wrote: »
    The question is so badly worded, I don't know how to answer it. Anyone who has ever had a mortgage has had big debts. So I really ought to tick the "bigger debts, but not a problem" option. But I don't think that is what the poll writer intended.

    I think you may've missed this bit (to be fair to you it wasn't included in the top of this thread, but was in the actual vote, I've now had it added here too)


    "NOTE: Please exclude mortgages and student loans from definition of debt"


    The key to this poll is one of self-definition - both on what is mental health and what is debt crisis. The poll results are pretty plain (sadly)
    Martin Lewis, Money Saving Expert.
    Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
    Don't miss out on urgent MoneySaving, get my weekly e-mail at www.moneysavingexpert.com/tips.
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  • MSE_Martin
    MSE_Martin Posts: 8,272 Money Saving Expert
    First Post First Anniversary Combo Breaker
    To an extent yes, but thast doesn't help with existing borrowing facilities and also sadly doesn't help when they have transitory problems which many mental health issues are.
    Martin Lewis, Money Saving Expert.
    Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
    Don't miss out on urgent MoneySaving, get my weekly e-mail at www.moneysavingexpert.com/tips.
    Debt-Free Wannabee Official Nerd Club: (Honorary) Members number 000
  • LameWolf
    LameWolf Posts: 11,234 Forumite
    Name Dropper First Anniversary Combo Breaker First Post
    I suppose I'm "lucky" in a way; my General Anxiety Disorder includes a total phobia of debt. The very idea of owing money - even a couple of quid - makes me go cold all over.
    If your dog thinks you're the best, don't seek a second opinion.;)
  • Tojo_Ralph
    Tojo_Ralph Posts: 8,373 Forumite
    Combo Breaker First Post
    edited 11 May 2014 at 11:23PM
    MSE_Martin wrote: »
    The poll results are pretty plain (sadly)

    With the link between mental health and debt having been long established, the results were realistically a given. It is inevitable that most folk suffering mental health problems will have their earning potential impacted, along most likely with their ability to manage money effectively and seek support. Thus they are more at risk of being more reliant on government handouts, a low income and thus more susceptible to debt than a healthy person.

    IMHO, the poll would have provided a far better insight into mental health and debt if there had been a third question.

    I (or my partner) HAVE / HAVE HAD health problems
    NEVER been in debt
    Only ever had limited debts
    Bigger debts, but not a problem
    Severe or crisis debts

    The third question would have provided debt comparisons to be made between those suffering general health problems and those suffering mental health problems.
    The MSE Dictionary
    Loophole - A word used to entice people to read clearly written Terms and Conditions.
    Rip Off - Clearly written Terms and Conditions.
    Terms and Conditions - Otherwise known as a loophole or a rip off.
This discussion has been closed.
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