Debt a Cause of Depression
Next Monday is the most depressing day of the year according to a recent study, with debt worries being one of the main causes of the nation’s bad mood.
According to debt charity Consumer Credit Counselling Service (CCCS), January 17th is set to be the most depressing day of the year due to a mixture of bad weather and failed New Year’s resolutions.
The CCCS is expecting to see a more general rise in mental health problems caused by debt worries over the next year.
This will be as a result of the VAT rise, public sector redundancies and welfare benefit cuts, meaning many will no longer be able to keep up with their credit commitments. These have so far been kept at bay with the low base rate of 0.5 percent held by the Bank of England.
“The reasons which turn useful credit into distressing debt are many: loss of income, divorce, separation, ill –health, all too distressing events in themselves,” said Delroy Corinadli, CCCS external affairs director.
“There is a growing body of evidence about the stress which debt causes.”
Get out of Debt with a Prepay Money Card
If you are concerned with how you will manage your credit commitments when the base rate rises, and cuts to welfare benefits kick in, investigate how a prepay money card could help.
Sometimes the hardest part of staying in the green is managing your spending outside of regular bill commitments, so a prepay money card can help you budget this.
The card prevents the user from overspending as it does not allow him or her to spend more than they loaded onto the card.
So if you have worked out an amount you can afford to spend on the everyday essentials, you can load this onto the card to use to make purchases.