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Debt can increase mental health problems
12/05/2008 10:09:00
Mental health problems are growing in the UK due to being in debt, according to new research.
Findings from a study by mental health charity MIND of 1,800 people from across England and Wales showed that up to 91 per cent of consumers said that their mental health had been affected by debt.
People who suffer from mental health problems are three times as likely to be in debt compared with someone who does not, revealed the survey.
Paul Farmer, chief executive with MIND, said: "UK personal debt stands at a staggering £1.4 trillion but the real cost here is that on our mental health."
"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 thoughts," he added.
MIND said that debt-depression is a real and growing concern, especially with the recent market volatility due to the credit crunch.
Meanwhile, the British Bankers' Association said that banks do not discriminate against those with mental health problems when making decisions relating to lending.
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