How to Spot the Signs of Debt Stress

 

Debt can significantly impact a person’s mental health. In a recent study by the Money and Mental Health Policy Institute, it was revealed that almost half (46%) of those in problem debt also have a mental health problem which highlights that this is the unfortunate reality for many people in the UK.

Debt can cause stress, anxiety and other mental health conditions, but it can also be a symptom of these for some people. Knowing how to spot the signs of debt stress and anxiety could be the first step to managing it.

Here we’re discussing some of the major signs of debt-related stress and what you can do to support yourself or somebody else who might be struggling with this. 

Why does debt cause stress?

Financial wellbeing and mental health are often linked, so if one of these takes a dive, it’s common for both to be affected.

Stress is a mental health condition that’s often caused by somebody experiencing an overwhelming, uncontrollable or difficult situation. Since people with problem debt tend to feel a lack of control, overwhelmed and struggle with their financial situation, this is often how debt is connected to stress.

The pressure of mounting unpaid debts, being unable to pay bills, losing track of your debts and limited financial flexibility are all situations where problem debt can cause feelings of stress and anxiety.

But while debt can cause stress, it’s also important to recognise that stress can be a major factor that causes debt. This is why the link between these two should

Signs of debt stress

Knowing the signs of debt stress can help you understand the impact it might be having on your life or somebody close to you. Identifying that there is an issue can even be the first step to getting the help that’s needed.

Below are some of the biggest indicators that somebody might be experiencing debt stress.

Feeling overwhelmed with worry when thinking about debt

Worrying about how you’ll pay your bills? Or overwhelmed by the amount of debt or creditors involved in your finances? An overwhelming sense of worry about your debt is a major sign that you’re experiencing debt stress. This might cause some people to have uncontrollable emotional outbursts while others could become so overwhelmed by worry that they cannot do anything else.

Problems with sleeping or eating

The body can struggle to function normally when we experience high levels of stress and anxiety, which might lead to problems with sleeping or eating. You could have no appetite or are eating more because of the stress, and you might be more tired than normal or be unable to get some shuteye at night. Either way, if you notice that your appetite or sleep has been affected by thinking about your debt, you could be experiencing debt stress.

Finding it difficult to talk about debt or money

Many people already find it difficult to discuss their money since it can be a personal topic. But if you find that you’re struggling to speak to trusted loved ones and feel a sense of panic whenever money is brought up, this can be a concern. Avoiding the topic might offer immediate relief from these feelings, but the problem could be worsened by ignoring it.

Avoiding or ‘shutting out’ loved ones

Whether you’re shutting out your loved ones because you feel ashamed of your debt or don’t want to be a burden to them, this behaviour can be a sign that you’re experiencing debt stress. The more you push people away, the more isolated you’re likely to feel at a time when you already feel alone. This can make it more difficult for others to help you and means that you lose your support network.

Feeling nauseous when thinking about debt

Stress can take a massive toll on your physical health and immune system, which can lead to you feeling nauseous whenever you think about your financial situation. It can also make you more susceptible to viral illnesses such as the common cold.

Difficulties in focusing on other things outside of debt

Money is a big part of our lives, whether we like it or not. Because of this, you might struggle to focus on anything else if you find yourself in debt, especially if it means that you’re struggling to pay for the essentials. Debt stress can be overwhelming and all-consuming, leaving you with no room to think about anything else, including your relationships, work and home life.

Feelings of anger or sadness that you think are related to debt

Anger, sadness or frustration that could be debt-related might suggest that you’re experiencing debt stress. If these emotions are felt often and with intensity, they may be overwhelming and difficult to manage on your own, which can lead to other symptoms of debt stress such as worrying and difficulty focussing on anything other than your debt.

Tips on how to manage debt stress

Managing debt stress can feel overwhelming in itself, but with the right support and advice, you can take small steps to overcome these feelings and even begin to work on your roadmap out of debt.

Talk to family, friends or loved ones

Even though it might be difficult, it’s good to get your feelings off your chest. Picking somebody who you trust to talk about your mental health and financial situation can help, especially if you know somebody else who has gone through something similar. But if you don’t feel that you have a loved one you can confide in, you still have other options.

Seek professional advice

Finding professional advice and support for your mental health and your debt can help you improve your situation. Even if you don’t feel ready to do both, seeking help from just one type of professional can be a huge step in the right direction.

If you get in touch with a mental health or healthcare professional, they may be able to fill in a debt and mental health evidence form (DHMEF). This will let your creditors know about any mental health conditions you have and may make them more sensitive to your needs.

It’s important to note that UK Debt Service are not a counselling service, but we can signpost the relevant support.

Research your debt options

Looking into your options is a great first step. Not only can this show you that there is a way out of your debt, but it can also be a relief to open yourself up to the solutions available. Doing this on your own can be overwhelming, so we recommend getting in touch with a debt professional who can explain your options and help you understand your next steps.

Be kind to yourself

At times when you might be struggling with stress due to your debts, it’s especially important to be kind to yourself. Acknowledging your feelings and allowing yourself some time to process everything can be crucial for your mental health.

Worried or stressed about money? These resources may help:

MoneyHelper

For money advice and guidance that’s backed by the government, check out MoneyHelper. You can access helpful resources, helplines and tools so you can find the right support for you whenever you need it.

National Debtline

National Debtline can provide free, trusted advice that’s confidential and anonymous for those experiencing financial difficulty.

StepChange

With the help and support of debt charity StepChange, you can work out a path to becoming debt-free on your own terms and at your own pace.

National Support Network

The National Support Network is dedicated to offering simple signposting so that everybody can benefit from free support tailored to their needs. So, if you’re struggling with debt stress, you can find the resources, helplines and advice that’s best suited to you.

At UK Debt Service, we believe in signposting for quick, easy and tailored support. Because of this, we’ve teamed up with the NSN to create a simple and easy-to-use support hub for our customers who might be struggling with debt and their mental health.  Through the support hub, you can access specific resources to help de-stress, practice mindfulness and online life skills courses to help.

Debt stress can be overcome with the correct support for your financial situation and mental health. Nobody should have to struggle with these issues alone, and with our suggestions, you can take the first steps to improve your situation.

If you’re struggling with debt, speak to a member of our team. We may be able to help you understand all options available based on your individual circumstances.