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Growing 'consumer depression' resulting from worsening debts

Growing 'consumer depression' resulting from worsening debts

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Many consumers are suffering from mental health problems as a result of their debt worries, new research has suggested.

According to Mind, a mental health charity, a survey of 1,800 people revealed that 91 per cent of respondents believe their mental health is suffering as a result of debt, which could have arisen through borrowing on credit cards or unsecured personal loans.

And 87 per cent of those questioned admitted that they are relying on their credit card to help them buy everyday essential items.

Chief executive of Mind Paul Farmer explained the seriousness of the situation.

"Money worries aren't just keeping people awake at night; they are causing high levels of stress, depression and in some cases self harm and suicidal thought," he said.

He added that mentally ill people are often "trapped in a cycle of debt and poverty".

David Kuo, the head of personal finance at Fool.co.uk, recently advised consumers who have been turned down for credit card applications to readdress their finances.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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