Debt can cause stress and anxiety, impacting on our everyday thoughts and actions; what we spend, what we do, how we see the future – debt can be debilitating. It's no wonder that debt and depression are so strongly interlinked. The worry is debt is on the increase. Without debt management schemes or effective debt advice, more consumers in the UK are at serious risk of becoming vulnerable to depression.

Debt management – for the head as well as the wallet

Taking control of your finances with a debt management scheme can help your head as well as your wallet. As more of us face the real risk of repossession, with fixed-rate mortgages converting to more expensive variable-rate loans, debt management has never been so crucial for our well being and our bank balance. It's been estimated that debt collectors will be retrieving an estimated £24bn in 2008, in 2000 that figure was nearer to just £5bn.

Worry and mental health problems

Debt can impact on how well we eat, dress and live, as well as impact on our self esteem and self image. An increase in debt worries can trigger mental health problems for some. Debt management is therefore crucial for those who are vulnerable to depression and stress. Poverty and debt are so interlinked with mental health problems that the mental health charity Mind has made debt a theme for its campaign in 2008.

Adopting debt management

Health professionals say ignoring debt triggers bigger problems. Feeling overwhelmed, out of control and pressurised by debt can trigger serious mental health issues. By adopting a debt management scheme it can help people feel more in control of their lives. It's hard to open up a newspaper without reading the desperate stories of some people pushed to the limit over the stress and anxiety of debt. For some, credit card debt or the threat of repossession are simply too much to cope with.

Take action with a debt management plan

There are debt management companies that can offer lifelines for people who feel they simply don't know what to do about their debts. It's worth remembering that one in six adults live with a mental health problem and depression is incredibly common. If, for example, you've been made redundant and are struggling to find another position, you could be vulnerable to depression and low self esteem compounded by spiralling debt. It's important you take action and seek debt management help – remember that debt affects most lives in the UK at some point, and finding an appropriate debt management scheme could make all the difference to your outlook and your future.

Varden Nuttall has been established for over 15 years and is dedicated to helping people in financial difficulty find a debt management solution through an Individual Voluntary Arrangement (IVA). Employing 90 people, including trained and skilled IVA administrators, we are one of the largest IVA companies in the UK and handle over 3% of all IVA applications. To find out more about the company, or to make an appointment to talk about putting an IVA in place, call us today on 0800 031 9802 or fill in our online enquiry form.