Adverse credit impacts mental health for one in two customers

Almost half (48%) of people with adverse credit would say that their current financial position negatively impacts their mental health, according to new research published by Pepper Money.

The specialist lender’s latest Adverse Credit Study found that the number of people concerned their current situation is impacting their mental health climbed saw an increase among those aged between 35 and 44, to 57%.

When it comes to talking about their finances with friends and family, Pepper Money also suggested that opinion is divided.

The findings showed that half (50%) of people with adverse credit said they would be uncomfortable talking to someone they know about their finances, while 42% said they would feel comfortable talking to someone they know.

Pepper Money sales director, Paul Adams, said that one of the objectives of its Adverse Credit Study is to highlight the impact that someone’s financial situation can have on their mental health.

“We should all sit up and take notice that nearly half of people with adverse credit say that their current financial position is negatively impacting their mental health,” Adams commented.

“As with many mental health issues, talking can really help. And, in the case of customers with adverse credit, talking with a professional mortgage adviser can help to put their mind at rest and identify the best way to get their finances back on track.

“Often, taking action to start to resolve any issues can prove a positive step and we are seeing a lot of demand at the moment from customers who are choosing to consolidate and pay down their outstanding debts, either through a remortgage or a second charge mortgage.”

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