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Funding for Study into the Side Effects of Debt
The Finance & Leasing Association (FLA) has agreed to provide funding for mental health experts to carry out a study of the effect of debt on an individual’s wellbeing.
The FLA said that the study will try and find ways to enhance the services that money advice services, lenders, and health workers provide to people experiencing financial problems.
As part of the research, experts will study existing scientific literature on the effects that worries such as problems paying bills, loan repayments, and credit card debt have on the mental health of consumers.
They will examine factors such as the socio-economic impact of debts, plus the human price paid - in terms of health and general wellbeing - by those experiencing high levels of indebtedness.
The researchers will also look into the ability of lenders and advisory services such as charities to help people struggling with their finances.
Royal College of Psychiatrists (RCP) research fellow, Chris Fitch - who is to lead the project - said that the funding would help to provide the first systematic study in this area.
The RCP, FLA, and the Money Advice Trust will jointly oversee the study. Mr Fitch said that he was pleased to be working alongside them as part of the College’s efforts to improve the quality of healthcare available for people burdened by large amounts of debt.
As part of the study, local health authorities will be appraised on the services that they provide in this area. It hopes to conclude with a comprehensive report aimed at increasing the knowledge and understanding of the mental health effects that unmanageable debt has on modern consumers.
A debt consolidation loan is one way of reducing the range and burden of debt repayments, which have been exacerbated recently by increased living costs.
Such a loan enables people in debt to make one easier, and frequently cheaper, monthly payment over a longer period.
Debt Management News posted on 23 June 2008
