Is Personal Debt Costing Us Our Mental Health?

‘Is our relationship with money bad for us? Recent figures suggest that the average household now owes about £13,000 – not including mortgages. Low interest rates mean that credit is relatively cheap and freely available and, as a result, borrowing has become the way many of us are able to afford the expensive things in life.
That’s where greater knowledge of finances is required – both in terms of people knowing what they’re letting themselves in for in the first place and also with an understanding what help they have available to get themselves out of trouble, with options such as debt management plans also known as DMP.
Much has been said about the potential economic impact of debt. Indeed, the Bank of England recently expressed its alarm over an apparent consumer spending binge. There’s a fear that if we overstretch ourselves then we’ll be in a bad position to withstand an economic storm if one were to arrive.’
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