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Debt & Your Mental Health

Dealing with debt is something that so many Albertans face every single day, and you are not alone. However, the longer you wait to seek help, or find motivation to create change, the more your worries will increase, and your debts will keep stagnant.

So what can you do to better your personal health and financial situation today?

1) Reach out to a not for profit agency who can help you address all of your financial strains (here are 11 Questions to Ask When Choosing a Credit Counselling Agency)

2) Start to track your spending, or create a budget – here is a Spending Plan Form to help you organize your income, expenses, debts and assets

3) Talk to trusted friends and family about your concerns

The research that has been concluded in correlating mental health with debt are quite apparent in showing symptoms of depression, anxiety, and beyond. However, the most shocking statistic of all is the link between suicide and debt.

At Money Mentors, we encourage our clients to come forward and talk about their financial situations, both good and bad. Speaking with a counsellor that is unbiased and non-judgmental can be exactly what anyone experiencing the side effects of debt may need.

According to StepChange Debt Charity, almost 80% of people say their debt problems had affected self-confidence, and that 35% of those interviews had also encountered relationship problems and breakdowns due to financial struggles. Not only can financial stress cause mental-health problems, they can also affect our physical health.


Even more so, who can you talk to?

Visit the Canadian Mental Health Association website, or call the Mental Health Helpline at 1-877-303-2642.

For financial related concerns or debt repayment help, Money Mentors is here to get you moving in the right direction.

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