People with mental health issues are more than three times more likely to develop a severe debt problem than the average consumer, recent research has shown. The report, produced by mental health charity Mind, has shown that those who suffer from bipolar disorder (also known as manic depressives) are especially vulnerable, as during their ‘manic’ phases they are prone to expensive shopping sprees and impulsive purchases.
Of course, this isn’t to say that people in debt are more prone to mental health problems. The vast majority of debtors are ordinary people who have seen their debts pile up for ordinary reasons – job loss, routine overspending, a long sickness, and so on and so forth. What these findings do highlight is the how vulnerable certain groups can be in a culture of easy credit. The targeting of credit cards to the young has been widely criticised, and with good reason – it normalises debt for young people just as they begin to earn. Equally, numerous m…
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