Debt Problems Heighten Blue Monday Woes
Published: 14 January 2011
By MoneyHighStreet Staff Leave a Comment
Updated: 14 January 2011
Debt problems will make 17th January, dubbed ‘Blue Monday’ seem worse for many Brits, a debt help charity is predicting.
The combination of failed New Year resolutions, bad weather and the arrival of credit card bills, over laden with Christmas spending, has made Monday 17th January, ‘Blue Monday’, the most depressing day of the year.
However increasing debt problems are likely to make this Blue Monday worse for many people, the Consumer Credit Counselling Service (CCCS) is warning. the debt charity is also predicting a rise in mental health problems resulting from debt worries in 2011.
With personal finances stretched as result of the VAT increase, public sector redundancies and impending cuts to welfare benefits, there are likely to be more people who can no longer meet their credit commitments, causing psychological as well as financial pain to many struggling debtors.
Whilst the CCCS is painting a bleak picture for financial prospects for 2011, it has developed a new service to help identify people suffering from debt related anxieties and depression. Such people can then undertake a more detailed diagnosis using the charities new online debt counselling tool.
The online system will then identify if the person is severely, moderately or mildly depressed, or not depressed at all.
Those diagnosed as severely or moderately depressed will be referred to a GP. Those diagnosed as mildly depressed will be referred to e-couch, which is computerised cognitive behavioural therapy developed by the Australian National University.