Debts vs. Mental Health 1 February 2011 at 4:12PM edited 8 February 2011 at 11:27AM in MoneySaving polls 38 replies 5.9K views

josie3651

I just wish to point out that I did NOT limit debt and poor mental health ONLY to the poor as Natty68 suggests.

BlueAngelCV

I've been getting into debt since I was first allowed credit cards (about 10 years ago now:eek:).

I've also had ongoing problems with depression since before then.

Whilst I was never in a situation where my mental health problems were so bad that I didn't know what I was doing in incurring the debt my depression certainly exacerbated the situation and I would spent a lot more money when depressed.

Both my mental health & debt problems are coming under control now but when my depression flares up I do find myself backsliding.

I take full responsibility for my debts and don't think that my mental health problems "caused" them but I can't deny that they are a factor.

jud!th

my uncle has schizophrenia and my aunt anxiety and ocd issues - he applies for loans and credit cards frequently, and is then bailed out by my grandmother (who also has mental health issues). He recently bought a £2000 phone to add to his collection.

My aunt often asks other members of the family for large amounts of money to buy things which she believes she 'needs to keep her well' - and often she is given that money.

Thanks for raising the issue.

Natty68

josie3651 wrote: »

I just wish to point out that I did NOT limit debt and poor mental health ONLY to the poor as Natty68 suggests.

I apologise josie, I must have misread what you had put.. I will immediately go in and change it..

minerva_windsong

I've never been formally diagnosed but have had periods of depression over the past ten years, including whilst I was at university, and went over my overdraft limit during that period. Whilst I wouldn't say the depression contributed to the debt, I would say that in part the debt contributed to the depresssion.

UnluckyT

not been formally diagnosed, but have suffered with depression as well as anxiety although it not overly affected my money, other factors have influenced it.
i must also say though, i have only ever been overdrawn on my bank account/overdraft in a minor way in the sense of bieng in debt.
such as not bieng brought up to be responsible with money, having to learn for myself plus having people trying to influence me into bieng bad with money with thier poor understanding etc.

Rotor

I'm never quite sure if I'm in debt or not with credit card spending. Put c. £1600/month on but pay it back at the end of the month. Therefore average debt balance is £800.
Decided to tick debt free box as it's just convenient financial planning rather than an income deficit problem.
What have others done?

josie3651

Natty68 wrote: »

I apologise josie, I must have misread what you had put.. I will immediately go in and change it..

apology accepted, everyone needs help, lets hope the NHS release funding to employ more mental health nurses

Giant_Space_Lizard

i think this poll is very interesting, what would also be interesting is seeing the timing of it, e.g that timing of depression/recovery coincide with debt/settling of debt? i remember when i used to be very down, i wouldnt say debt caused it, but having limited funds maybe resulted in less options to try and fight it

lkate

A symptom of bipolar depression is reckless spending without thinking of the consequence.
So often you find people will go and rent a house or something and sign a contract without even needing it. And the next day they can't even really remember why or how they did it....
It's a serious problem.
I don't understand why the Government don't pay more attention to mental health.
After all, how are you supposed to take care of your physical health if your mental well being is at a disadvantage.