COVID-19, Debts and Your Mental Health

It is undeniable that debts can cause so much stress to vulnerable individuals. This is specially made worst due to the COVID-19 pandemic. Many people have been dealing with anxiety and despair on how they can manage finances during the coronavirus or COVID-19 outbreak. However, there’s no need to worry, Debt. or. uk can help you get through these tough times.


Financial Help During COVID-19 Pandemic

Several measures are considered to assist individuals who are coping with the effects of COVID-19 or Coronavirus Pandemic to their finances. These include payment breaks on mortgage and payment holidays for some unsecured debts and moratorium extension for residents in Scotland.

You may also read our guide: Financial Help Available During Coronavirus Pandemic and Payments for Car Loans and Finance During Coronavirus Outbreak.


Tips In Managing Your Anxiety

  • Determining Signs of Debt Stress

You’ll know if you’re having debt or money anxiety when you feel sad or overwhelmed knowing about your debts. Some may suffer from insomnia or may have et gaps between families and friends. If you’re working, you might have difficulty focusing on your job as you think about debt problems. This can often lead to depression which can be made worse if you lose your job or source of income due to the COVID-19 pandemic.

  • Reach Out to Someone You Trust

You can find refuge and air out what you’re currently dealing with someone you trust. This can lessen the load that you’re carrying. Besides, there is an organization like us who can also extend help with matters concerning debts.

  • Get Impartial Debt Advice

Getting debt advice will help you determine the right option for you. Since you are not able to focus on what you can do, it’s always best to have someone that can evaluate your situation. Debt problems have to be dealt with expertise since it can be complicated it most sense.

  • Keep in Touch with Creditors

One thing that you must consider is talking to your creditors and letting them know your circumstances. They might even consider some measures to help you out. I case of vulnerable individuals, creditors are likely to be more sympathetic for as long as you can present debt and mental health evidence or DMHEF.

  • Consider Steps to Improve Your Income and Finances

If you worry too much with your debts, the more it’s going to consume you. You can consider strengthening your mental health and consider steps on how you can deal with your finances much better.