Debt Named One Of The Biggest Causes of Stress

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Your Health Magazine Contributor

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Debt Named One Of The Biggest Causes of Stress

Debt has been named one of the biggest causes of stress by The Mental Health Foundation, particularly when you are struggling to keep up with repayments, household bills or unexpected costs.

Money worries can affect your sleep, relationships and mental health. If debt is causing you stress, it is important not to ignore it. Looking at your finances, speaking to someone you trust and getting free debt advice can help you understand your options and start to take control.

Debt and stress are closely linked

Money problems can follow you throughout the day. You may worry about paying your bills when you wake up, think about debts while you are at work and struggle to switch off at night.

Research from the Mental Health Foundation found that 22% of people who experienced stress in the previous year said debt was one of the things causing it. The same research found that 74% of people had felt so stressed that they felt overwhelmed or unable to cope.

Debt can also create a cycle. Financial worries can affect your mental health, while poor mental health can make it harder to manage money and keep on top of bills.

The Money and Mental Health Policy Institute reports that 46% of people in problem debt also have a mental health problem.

Other things can cause stress

Debt is not the only reason people feel stressed. Work can be a major source of pressure, especially if you have a heavy workload, difficult working conditions or concerns about job security.

Certainly for those managing their own businesses, there are always issues staying on top of finances and pressure when other investors and staff are relying on them. Many business owners feel the strain when they need help with managing their cashflow.

In 2024/25, an estimated 964,000 workers in Great Britain were suffering from work-related stress, depression or anxiety. This resulted in an estimated 22.1 million working days being lost.

Health problems can also cause stress. Looking after yourself or a family member, dealing with a long-term illness or worrying about access to healthcare can all add pressure.

Relationship problems, housing worries, bereavement and family responsibilities can also affect your mental health.

Often, it is not one thing that causes stress. Several problems can build up at the same time.

How debt can affect your health

Long-term stress can affect both your mental and physical health.

You may have difficulty sleeping, feel constantly worried or find it harder to concentrate. Some people may also experience low mood, anxiety or feel unable to cope with everyday tasks.

Financial stress can also affect relationships. You may avoid talking about money because you feel embarrassed or worried about how other people will react.

Ignoring bills and avoiding letters or phone calls can provide short-term relief, but it can make the situation more difficult in the long run.

Start by understanding your finances

If debt is causing you stress, start with one simple step: work out exactly what you owe.

Make a list of your debts, including credit cards, loans, overdrafts and unpaid household bills. Write down who you owe money to, how much you owe and the repayments you are expected to make.

Then look at your income and essential spending. This will give you a clearer picture of what you can realistically afford. Do not feel pressured into agreeing to repayments that you cannot afford.

Get debt advice

Free debt advice is available from organisations such as Citizens Advice, StepChange and National Debtline to help you get out of debt. A debt adviser can look at your circumstances and explain the options that may be available.

Getting advice does not mean that you have failed. It is a sensible step towards dealing with the problem.

If debt is affecting your mental health, speak to your GP or another healthcare professional too. You can get support for the stress and anxiety while also getting help with your finances.

Talk to someone you trust

Keeping debt to yourself can make it feel much worse.

If you feel able to, talk to a partner, family member or close friend. They may not be able to solve your financial problems, but having someone to talk to can reduce the feeling that you are dealing with everything on your own.

You can also ask them to help you organise paperwork, make a phone call or simply listen.

Take one step at a time

Debt can seem overwhelming when you look at everything at once.

Instead, focus on the next step. This could be opening an important letter, making a list of your debts or contacting a free debt advice service.

You may not be able to solve your financial problems immediately, but taking action can help reduce some of the uncertainty.

Debt is a financial problem, not a personal failure. If it is causing stress, getting help early can make it easier to understand your options and protect your health and wellbeing.

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