Debt doesn’t just affect your bank balance; it can have a significant impact on your mental health. 85% of PayPlan clients have said that being in debt has affected their mental wellbeing.
The weight of debt is often felt emotionally as much as it is financially. For many, these feelings can become overwhelming. It’s not surprising that 47% of people in debt visit their doctor to talk about the stress or mental health they’re facing, with 37% being recommended to seek debt advice.
The emotional strain of debt is real. According to our findings, 88% worry about not being able to pay their bills, 45% fear losing their home or car, and 39% feel like they have no one to talk to. For 30%, debt even impacts their performance at work, affecting their productivity and relationships.
However, there is hope for those struggling. Seeking professional debt advice can provide the support needed to get back on track with your finances and be directed to the organisations dedicated to supporting mental health concerns.
After reaching out to PayPlan for free debt advice, 93% of clients report improvements in their mental wellbeing, with a reduction in stress levels. In addition, 95% feel more confident about managing their money, and 69% feel they can now open up to friends and family about their situation.
PayPlan provides more than just debt advice and solutions; we offer compassionate support to help clients improve both their finances and their mental health.
If you’re struggling with debt and its impact on your mental health, you don’t have to face it alone. PayPlan offers free, confidential advice to help you regain control of your finances and improve your well-being. Whilst some solutions we offer are free, others do incur a cost. Your advisor will cover this during your assessment.
Our team is here to listen and provide the support you need. Call us today at 0800 009 4146 or visit www.payplan.com/btpfederation to get started at a pace that suits you.
*source data 85% of PayPlan clients in the East Midlands report being in debt impacted their mental health - UK News Group