Dealing with Debt Stress
After helping 30,000 people since 2009, we have spoken to many people dealing with debt stress. We know that debt has been on their minds 24/7; impacted their everyday decision making; forced them to go without essentials and in many cases led to social isolation.
Debt can be a heavy burden, causing stress for people from all walks of life. With the constant worry as creditors chase after what they’re owed; as essentials become more and more difficult to pay for; as credit card debts and secured loans pile up; and as daily expenditure adds up, debt can lead people to feel overwhelmed.
Signs of Debt Stress
Feeling sad, sick, or overwhelmed when thinking of money can be a sign that you are struggling with debt stress. You may also struggle to sleep or eat properly; you may be withdrawn from family, friends and loved ones; or you may find it difficult to concentrate on work and family life. No matter who you are; stress and debt affect everyone indiscriminately.
Worrying about debt not only harms your quality of life, but also the quality of life of those around you. Stressing about debt can:
- Keep you from enjoying important moments in your life.
- Distract you from enjoying time with the people who matter most to you.
- Cause sleepless or restless nights.
- Impact your physical health such as eating and exercise habits.
- Cause negative strain on your relationships.
- Lead to behavioural issues.
A staggering 93% of Trust Deed Scotland® customers said that debt caused them sleepless nights in a 2023 survey.
You may have learned to worry about money from parents, use worry to stay on top of your finances, or simply worry because you don’t know where all your money goes. Many people across the country experience money worries. If you are stressed about your finances, you are not alone.
Debt and Mental Health
With mental wellbeing in Scotland at a record low (as reported in The Scottish Health Survey 2022 – published in December 2023), it is more important than ever to discuss the causes for stress.
Being in debt can be stressful and this can negatively impact on your overall health; including mental health and physical health. In our 2023 survey, almost 91% of Trust Deed Scotland® customers told us that debt had an impact on their mental health before entering a debt solution, with many specifically affected by stress and anxiety.*
Research reported by National Debtline shows that 50% of adults who are struggling with debt also have a mental health issue. No matter what mental health problem a person is dealing with, it can be extremely difficult to balance the management of money and debt with the management of mental health.
Debt Stress Impacts Over 660,000 People in Scotland
Citizens Advice Scotland estimate that over 650,000 people in Scotland are directly driven into debt due to the cost of living crisis. This comes from new figures reported by YouGov showing that 84% of people in debt say that the rising cost of living is the reason for their debt problems.
Struggling with debt and a mental health issue are often interlinked; with one negatively impacting the other in a cycle that can feel never-ending. Citizens Advice Scotland have launched the “Stressed about Debt?” campaign in response; aiming to encourage people to reach out for debt advice if they are struggling.
Managing Debt Stress
For stress management techniques, read our advice on managing debt stress.
The first step to improving your stress levels, could be interlinked with your money troubles; by improving your finances, your health can follow. Entering a formal debt solution can give you breathing room with unaffordable expenses and in turn alleviate debt stress. In a recent survey, 89% of Trust Deed Scotland® customers told us that their mental health improved after they entered a debt solution.* See below for TrustPilot reviews from our customers that experienced stress from their debt prior to starting a debt solution.
Get in touch with us to discuss the available debt solutions for you, and ease your debt stress. Contact us via our WhatsApp debt advice service, call us on 0141 221 0999, or quickly find out if you qualify for a formal debt solution through our Trust Deed Wizard® tool.
“I was struggling with debt and didn’t know where to turn. I made the decision to contact Harper McDermott & Trust Deed Scotland. This was the best decision I ever made. I am now debt and stress free…”
– Colin
“We have just signed of our papers today but the relief and weight that has been lifted has really given me a sense of hope for the next 4 years, knowing that the stress and upset from the challenge of managing mounting debt in recent times will be behind us…”
– Sharon
“…I was pretty anxious and unsure that I’d b able to get help. Stress was starting to get the better of me. Thanks to David, the stress has now been lifted. He was very thorough, patient, understanding and happy to help. Anytime I messaged or emailed he got back to me quickly. Went through all my options with me in great detail to make sure I made the right decision…”
– Stevie
“I have been dealing with multiple payments and debts for many years, causing stress! Decided to look into a Trust Deed as a way of consolidating. Have dealt with Barry who has been fantastic. Friendly, extremely helpful and reassuring! He has put my mind at ease that going forward my worries about my debts will be much less.”
– Aisling
“At the lowest point before I started I was paying out almost 90% of my income on paying loans, mortgage, car and finance. Trust Deed Scotland® helped me re-arrange my debts in to one affordable monthly payment that took the stress out every day life worrying about debt collectors and Bailiffs…”
– Andy
*Survey results taken from November-December 2023 with 2,246 Trust Deed Scotland® customer responses.