Mental Health and Debt:  3 Tips to Improve Mental Health While in Debt Trouble

Posted on 31 January 2019

Bell Let’s Talk Day has just passed for 2019, raising awareness to end the stigma of mental health.  

Our wellbeing is both physical and mental and the connection between the two is very strong. A mental health issue can begin to manifest in physical ways and vice versa. Once again Bell Let’s Talk has boosted mental health awareness in Canada. You may know someone struggling with a mental health issue, or you may have personal experience. What you may not know is how common it is for financial health to be linked to your mental and physical wellness.

How are mental illness and debt connected?

Debt causes stress and stress isn’t good for your mind or your body. Psychology Today says that the stress associated with unpaid credit cards and overdue bills can have harmful effects. The psychological cost of carrying too much debt has been known to lead to:

  • Depression.
  • Anxiety/stress.
  • Addiction/abuse or dependence on substances.

In addition to debt leading to depression and anxiety – mental illness can worsen a debt problem. For some who deal with gambling addiction or manic episodes (manic depression/bi-polar episodes) debt can get worse without treatment. An ill person can easily worsen a debt problem by using credit in ways they usually would not. A bankruptcy or consumer proposal can help clear up the debt while a doctor, therapist or counselor helps with the condition that led to the debt problem.  Regardless of whether or not your debt problem has led to mental illness or been caused by it, you’re not alone and we’ve got debt help for you. We’ve also created a list of 3 mental health tips to help you get through your debt trouble:

Tip #1 Seek Debt Help & Make a Debt-Free Plan

Once you’ve got a plan in place to deal with your mental health it’s time to look for debt help. Create your customized plan to become debt-free at a pace that makes sense with your current income and expenses. Set yourself up for success. Whether it’s debt consolidation, bankruptcy or consumer proposal – be sure you can afford your monthly payments.

Tip #2 Discover Free Ways to Relax

Relaxing doesn’t have to cost money. Yoga, walks in the park, time playing with your kids – whatever it is that lowers your heart rate and makes you calm – do more of that.

Tip #3 Adjust Your Budget (If Possible)

Review your expenses. If there is something you can adjust make changes to free up more money in your budget. Cancel or downgrade cable TV, stop eating out so much, spend fewer nights at the pub. You can even live with a roommate to share rent. Wherever you can save a little, it will make becoming debt free much easier.

Bell Let’s Talk Day is just one day a year, but we want you to know that we’re here to provide debt help year round. Let’s talk about your options please call us to discuss 1-877-501-4321. We also offer online booking for your convenience.

Helpful starting information:

What to Bring to an Appointment

To get the debt help that you need, please bring a list of who you owe and how much to each, a list of everything you own and your monthly household budget. Don’t have everything right away? Don’t worry – We will guide you through each step.

Download Form

Your Information

We’ll walk you through our application process. But, if you want to prepare for your debt free assessment consultation in advance, download our information form and fill in what you can.

Download Form

Calculate Your Debt Repayment Options

How can you compare your debt repayment options if you don’t know how much they will cost you? Your solution will become much clearer when you are able to compare costs.

Debt Calculator

Ready to Be Debt-Free?

If you’re ready to be debt free, it’s time to meet with one of our knowledgeable Licensed Insolvency Trustees at your convenience and get started

Meet with a trustee