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Seek debt advice as money worries can cause depression

Seek debt advice as money worries can cause depression

- Friday, 14 January 2011

Debt problems are expected to contribute to feelings of depression on Blue Monday (January 17th), which is deemed to be the most depressing day of the year.

According to the Consumer Credit Counselling Service, debt problems are just one of the reasons why people may be feeling down at this time of the year.

Other reasons could be bad weather, having to go to work and breaking New Year's resolutions.

It has also been predicted that debt worries will increase in 2011 due to the VAT rise, job cuts and the reduction in benefit payments.

Therefore, those struggling with their finances have been advised to seek debt advice as soon as they can.

Delroy Corinadli, external affairs director at the firm, said: "The reasons which turn useful credit into distressing debt are many: loss of income, divorce, separation, ill-health, all too often distressing events in themselves.

"They probably explain why debt is more strongly associated with mental distress than mere lack of money."

David Rodger, managing director of the Debt Advice Foundation, recently advised consumers to seek debt help sooner rather than later to stop their problems getting worse.

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