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Understanding debt and mental health with StepChange

Poor mental health is closely associated with debt problems, as dealing with debt can be a very isolating and lonely experience. The stigma attached to money troubles makes it difficult to talk about them, especially with those closest to you. In turn, this can create an even bigger burden to carry.

If you’re struggling to cope, you’re not alone. In 2021, 39% of new StepChange Debt Charity clients were experiencing mental health difficulties when they got advice. Their annual debt statistics report reveals the most common forms were depression (13%), stress or anxiety (13%), suicidal tendencies (6%) or domestic violence (5%).

That’s why, in the lead up to World Suicide Prevention Day on 10 September, StepChange and Andy’s Man Club are working together, alongside other charities, to promote the help and solutions available to those with money worries.

So, how does debt advice work?

Every year, StepChange Debt Charity’s team of experts help hundreds of thousands of people with their debt problems, utilising almost 30 years of experience. That’s why you can be confident that

their advice is always centred around what’s best for you. Not to mention their advice is free, impartial, and completely confidential.

Whether you choose to go through their online service or speak to an advisor on the phone, the process is the same. When you have a debt advice session, StepChange recommend ways to deal with your debts, based on what you’ve told them about yourself.

No one needs to know that you’ve come to us for debt help. Our advice is confidential and doesn’t affect your credit score.

To make sure the advice and solutions we offer are right for you, we need to know more about your financial situation. We’ll ask you about the money you have coming in and going out, who you owe money to and if there’s anything else you’re dealing with that’s affecting your finances.

If you don’t have everything to hand, don’t worry. You can pause your session and come back to it later, or switch between online and telephone advice to suit your needs.

Start the conversation

Over 50% of people in debt wait a year or more before seeking help with their money. As time passes, they often find their situation gets worse.

We know it can be difficult to open up and ask for help, but it’s okay to talk Share the load with those closest to you – that’s how you take the first step to getting back on track, with just one honest conversation at a time. If you can't share your story with someone close to you, please contact Andy’s Man Club and consider attending a local session for support.

Finally, it’s important to know that while StepChange are great at providing free debt advice, please refer to mental health organisations Samaritans if you require immediate crisis support.