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Debt Collection and Mental Health

Debt Collection and Mental Health

There is little doubt that our society has overstretched itself when it comes to personal debt. Indeed, from the Bank of England on down it has been said that the public is taking on more debt than is good for them. Now, of course people are adults and can and should be able to make up their own minds when it comes to their personal debt and provided they pay there is no problem. However, a greater and greater number of people are finding themselves in a situation where they cannot meet their obligations.

This is made far worse when the people struggling to pay their debts are also struggling with mental health issues. The Money and Mental Health Policy Institute in 2017 has reported over 23000 people were being chased for payments of their debts whilst in hospital for mental health problems. This, of course, is an unacceptable practice. Debt is one of the major stressors which effect people today, and whilst people in debt are responsible for it. However, companies which provide credit have a responsibility to lend appropriately. As well as these companies need to accept that most debt is unsecured so they take a risk for the reward of the interest paid. By placing undo pressure on their customers they are creating the atmosphere where people in debt will also be struggling with their mental health as well.

There needs to be a humane way to deal with debt which does not put debtors at risks of damage to their mental health.

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