Debt & Depression

When you have problems with debt and arrears it can be incredibly easy to feel overwhelmed. Over time the weight of your debt can become too much for you to handle. Times like this can be especially trying for your mental health. Especially when you continually can’t keep making repayments and you begin to receive warning from civil enforcement agents.

On the other hand your mental health may be the reason you are struggling with debt. When you’re struggling in your day to day life it can be difficult to prioritise your finances. Dealing with money day to day becomes a challenge when your motivation, judgement and income are effected.

Debt alone can be incredibly destructive. It can ruin relationships, cause people to lose their homes and mean that families break down. Depression can have a similar effect. When the two are combined they are an incredibly damaging force.

At times like this it is imperative to remember that no debt problems are unsolvable. You have to remind yourself that however severe your debt there is always a path to a solution. When depression is holding you down it can be difficult to even think about tomorrow. One of the most crucial steps you can take is asking for help.

Trying to handle both your debt and depression by yourself inevitably makes both worse. It is very easy to get caught in to a debt-depression cycle. When debt mounts up, so does your stress and anxiety. Once you have established this it is vital that your reach out for the help and advice of others. Nobody expects you to deal with debt and depression alone, so you shouldn’t feel like you have to.

If you are feeling incredibly low then it’s important to deal with this first. Get in contact with your GP, consultant, psychiatrist, friend or family member. It can take a while before you feel prepared to tackle your debt. You shouldn’t make financial decisions when you are low or unwell. Always wait until you are feeling more able.

When you’re feeling a bit more prepared you should tackle your debt in stages. You should always stop borrowing first. You cannot solve existing debts it you keep adding to them. Secondly you should cut interest rates. Less interest means more money going towards your repayments. Thirdly you should pay off the highest debt rates first. Don’t split the amount your repaying on various debts, focus any extra cash on paying off the highest one first.

As you begin to work through your debt step by step you will begin to feel a weight is being lifted. It may not make your depression disappear, but it certainly will alleviate a large amount of the strain. As your finances become clearer and easier to deal with you can begin to focus your energy on getting on with life.

If you’re in debt then there is a real threat of becoming depressed and vice versa. You should not have to deal with your problems alone. If you are in council tax debt then get in touch with CTA. We can give you free, independent advice to help you work through your council tax debts. We will provide you with all the information you need to understand bailiff enforcement. CTA want to take the weight of anxiety off your shoulders. Get in contact with us today.

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You can get free debt advice from Money Helper,
an organisation set up by the government to offer free and impartial advice to those in debt. Just click the link above to find out more.

Council Tax Advisors is a trading name of Ruby Holdings Limited.
Registered in England and Wales, Company Registration Number: 09496123
Registered office: 103 Bradley House, Radcliffe Moor Road, Bolton, Lancashire, BL2 6RT.
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Financial Conduct Authority Reference Number: 763879
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