Debt and Mental Health - How have your debts affected you?

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  • So this is some inspiration for those of you who are struggling, I had lots of debt..and mental illness...I became bankrupt. Took medication and was not able to work for 4 years. The medication and help really helped and I am happy to say I managed to work on my credit rating and file over the 6 years the bankruptcy loomed over me, I have now been accepted for a mortgage and have a high street bank account and credit card that reward me £5 a month each for being with them...Credit rating is excellent... there is a light at the end of the tunnel I aim to clear my debts by 2018 from buying my home and all the belongings I have bought for my home, keep fighting and trying! Have something to aim for to keep going!
    Sold over £1500 worth of tat hanging around, switched banks, rewarded for spending on Credit cards, cancelled unused subscriptions...Over £8000 better off over 30 months...AIMING FOR DEBT FREE BY JULY 2018!!:T:T
  • misswoosie
    misswoosie Posts: 72 Forumite
    I do believe that debt can cause mental stress, and possibly illness, but it depends on the person. We all know that careless "free spirit" who "lives for the now" and has tens of thousands of dollars in debt. Yet they seem relatively stress free compared to many neurotic, debt free individuals (myself being one). So I would say it depends on the person.

    Completely agree. I've struggled with anxiety and depression for 30 years and am now 52. I worked as a nurse and Nurse Practitioner for 28 years until 2009 when we moved abroad. Have no intention of going back to the NHS. Depression is always there and I can't imagine or remember life without it now. Often worse when I'm stressed, have to make a lot of decisions or big changes are going on, and after I had my son I was very depressed for about 2 years. Seems to be developing a bigger anxiety/panic component too now that I'm older. I've never had excessive debt and don't have a credit card. Our credit score is useless since returning from living abroad (where we spent 5 years working on getting an excellent credit score!). Have no debt or income at all now -living off savings and down sized to a cheap flat on return from living abroad. Planning to get my miniscule NHS pension of £500 per month very soon and buy a rural property somewhere in France or Spain. TBH the last thing I think about when I'm low is shopping as I have no interest in doing anything except sleeping and certainly no point in buying clothes when you hate the way you look. Apart from 3 sessions of CBT 20 something years ago after a single pyschiatry consultation I've never been offered any therapy. I did try privately once when my son was about 4 but couldn't affford the £30 per week.
    I honestly think that this horrible materialistic society that we live in is a huge contributory factor in the disintegration of our society. Life is much simpler with less.
  • diamonds
    diamonds Posts: 6,048
    Debt-free and Proud!
    Forumite
    Any negative feelings on debt dont pay it off, why worry about something you cannot change, change what you can.


    Get to a debt specialist, stepchange, citizens advice.


    Tears & anxiety do not pay debts, money does, but tears & anxiety stop your health and thus work, so its a vicious cycle. Break the cycle.


    Put on the fridge: only money pays debts not my emotions.


    :)



    I got through 10 years and 25K of debt doing this^, lived abroad etc, pay minimal and have some social/good life ;)
    SO... now England its the Scots turn to say dont leave the UK, stay in Europe with us in the UK, dont let the tories fool you like they did us with empty lies... You will be leaving the UK aswell as Europe ;)
  • diamonds
    diamonds Posts: 6,048
    Debt-free and Proud!
    Forumite
    misswoosie wrote: »
    Completely agree. I've struggled with anxiety and depression for 30 years and am now 52. I worked as a nurse and Nurse Practitioner for 28 years until 2009 when we moved abroad. Have no intention of going back to the NHS. Depression is always there and I can't imagine or remember life without it now. Often worse when I'm stressed, have to make a lot of decisions or big changes are going on, and after I had my son I was very depressed for about 2 years. Seems to be developing a bigger anxiety/panic component too now that I'm older. I've never had excessive debt and don't have a credit card. Our credit score is useless since returning from living abroad (where we spent 5 years working on getting an excellent credit score!). Have no debt or income at all now -living off savings and down sized to a cheap flat on return from living abroad. Planning to get my miniscule NHS pension of £500 per month very soon and buy a rural property somewhere in France or Spain. TBH the last thing I think about when I'm low is shopping as I have no interest in doing anything except sleeping and certainly no point in buying clothes when you hate the way you look. Apart from 3 sessions of CBT 20 something years ago after a single pyschiatry consultation I've never been offered any therapy. I did try privately once when my son was about 4 but couldn't affford the £30 per week.
    I honestly think that this horrible materialistic society that we live in is a huge contributory factor in the disintegration of our society. Life is much simpler with less.


    30 years would point to clinical depression of some type, worsened as you said by stress and other factors, afterbirth too. Stress & big changes setting you off could be bipolar or personality disorder spectrums. Which are often diagnosed as depression only.


    You will know if MH is in the family, read up online mental health disorders and get some help, you will enjoy life more for your latter years :)
    SO... now England its the Scots turn to say dont leave the UK, stay in Europe with us in the UK, dont let the tories fool you like they did us with empty lies... You will be leaving the UK aswell as Europe ;)
  • This is a great thread! I have PTSD and bouts of severe depression although I hide both of them fairly well. Most people can't believe it when I say I have an anxiety disorder or depression.

    For me, I grew up poor. Money was never an issue because we didn't have any. The way debt impacts my mental health now is only due to the fact that I'm married and he has very different views towards finances. And so when I hide debt from him, it definitely adds to my stress and anxiety for sure. I have been suicidal over telling him about debt (see my first post) and to honest it's on my mind constantly right now. I have attempted in the past but won't again because for whatever reason, people in my life actually like me (currently my husband is not one of those people) and I think my death by suicide would devastate them. However, if I got run over by a car or if I just went to sleep and never woke up, I'd be okay with that.

    But my mother always says 'This too will pass' and that little statement is what keeps me going.
  • Huskyrunner
    Huskyrunner Posts: 542 Forumite
    it has with me i have 4-5 times being off work with what i thought was severe depression/stress due too financial issues/work stress. Its only within the last 6 months i have being diagnosed with cyclothymia and i am on different meds.

    Its being a long long road the nhs are a nightmare re mental health they chuck antidepressants at you, i have had 6-7 years of one med after another after another. Due too me being on and off work its only within the last year i have started getting my finances sorted. I am now coping much better my finances are slowly getting better i am with cccs.

    re did my debts get caused by mental health answer yes i used too spent horrendously on credit cards clothes, takeaways, dvds, hols, nights out. I did in the past have major issues not going into too much detail with alcohol and credit cards funded that problem.
    debts 16550
    Mortgage 69500
  • moomin82
    moomin82 Posts: 227
    Name Dropper First Post First Anniversary Combo Breaker
    Forumite
    I have lurked on this forum on and off over the years and for the last 5 years I have racked up almost £12,000 in credit card debt. I am not proud of my life at 34 as I have nothing to show for it, I have battled stress and depression mainly on my own as I don't have a loved one, I have also spent much of my adult life not being able to find a fulfilling career. I am currently working in contract work as I left a job that was far too stressful.
    Well I am pleased to say that after paying down my debt over the years I am very close to my debt free date (it should be a couple of months at the most). I really thought I would never see my DFD.
    I will very soon have a clean slate. I still battle with sad times and have even recently gone on a shopping spree when I was feeling low. I realise this has to stop as I have no savings or deposit towards a first home. It's easy to get hung up on what I don't have so I am going to hold my head up and enjoy the immense relief when I have paid off those credit cards.
    I have a Help To Buy ISA which has a minimal amount in it, I will also need to look into other savings accounts.
    I was renting a room and over the last year I moved back in with my parents with the idea of saving a deposit for a first home. Only I haven't really saved I have just been paying down debt. I feel like a sorry loser for being in this situation and am currently deciding whether to rent a room again or save for the long haul.
    Just to offer my support for anyone battling debt and whose health may have suffered with it.
    Achievements:
    9 Aug 2021: Achieved a perfect credit score on Experian (999/999 points - Excellent)
    Debt free date: 23 July 2021.
    Next goals: Save deposit as a first time buyer.
    Find ways to increase income
    Further reduce budget/ sell old stuff

    Goals for October 2018: Eliminate unneccessary spending
  • diamonds wrote: »
    Any negative feelings on debt dont pay it off, why worry about something you cannot change, change what you can.


    Get to a debt specialist, stepchange, citizens advice.


    Tears & anxiety do not pay debts, money does, but tears & anxiety stop your health and thus work, so its a vicious cycle. Break the cycle.


    Put on the fridge: only money pays debts not my emotions.


    :)



    I got through 10 years and 25K of debt doing this^, lived abroad etc, pay minimal and have some social/good life ;)
    "Tears & anxiety do not pay debts, money does, but tears & anxiety stop your health and thus work, so its a vicious cycle. Break the cycle."

    This is so fundamentally true -- for me anyway. I should have it written up above my front door in letters of fire. I am trying to face up to half a lifetime's worth of being in this cycle and have joined DFW today for that reason. Thanks Diamonds - you really are a diamond.
    Debt Free Wannabe
    Proud to be dealing with my debts
  • steveo1982
    steveo1982 Posts: 52 Forumite
    Some of the stories that I have read on here have been very emotional to read. It does prove that debt, no matter the level, can cause stress, anxiety, depression to varying degrees.

    I have been in debt since I was 18 for one reason or another. Events in my life have caused me to increase debts almost overnight (Losing job due to relocating etc)

    I have experienced sleep loss, waking up in the middle of the night worried about debts, even fear of telling my wife and my debts are no where near as high as some other people on here.

    I have now embarked on my journey to being debt free. Admitting I had a problem was the first step and has taken some of the weight off my shoulders but knowing that there are other people in a similar position as myself makes me feel much better and not as alone.

    Good luck to all in your debt free quest! After all we wouldnt be here if we didnt want to be debt free!
  • Hi all,

    I have only recently discovered this forum and have already found some comfort in reading the stories of others. Being in debt can bring on all sorts of emotions - shame, anxiety and frustration are probably my three most experienced emotions in relation to debt.

    I am currently in £15,000 debt - 2 unsecured loans, 3 credit cards. A large contribution to this was starting to use payday loans following the breakdown of my relationship, then acquring more debt to make monthly payments and so on and so on. I continue to make payments and 'manage' my debt but with the entirity of my wage swallowed up by repayments. As many of you may be familiar with - the spiral is a fast one; suddenly I find myself here, rock bottom, staying with my parents at the age of 30 and struggling to see an end to this black tunnel.

    I just wanted to say thank you to those who post and support others experiencing debt. I've had a pretty rough weekend (the latest in a long line), focusing on my situation and trying to forge a way out. This forum lifted that weight for while - knowing that I am not alone in this.

    Such a valuble source of support and information.

    Thank you x
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