Unfortunately, debt and mental health go hand-in-hand. 1 in 2 adults with debt problems also suffers from mental health difficulties (Royal College of Psychiatrists). This has always been the case however, the effects of the COVID-19 pandemic have exacerbated existing issues for many. We talk to clients who are under extreme stress and pressure on a daily basis. This is why the first chapter in our book is on the mental strain of debt and how the correct mindset can help to alleviate this pressure and protect your mental health.

The following is an excerpt from the first chapter of our free book, “The Business Pandemic: SME Debt Problems”, if you would like to read more you can download your copy here. 

There’s no sugar-coating it. Resolving debt isn’t easy. However, there is plenty of advice and assistance to support people and companies going through debt resolution. It’s unfortunately not a short­ term process and can be an incredible burden. The constant and ongoing pressure it creates can be all-consuming and encompass every facet of your business and personal life – 24/ 7.

The worry of debt can manifest in feelings of doubt and fear of the unknown, which trigger severe stress. This mental pressure, if left untreated, can cause problems such as difficulty sleeping, extreme anxiety, muscle tension, chest pain and irritability. Its scars can run even deeper as it tears once-happy marriages apart and fractures friendships. This type of pressure creates a substantial psychological toll that can be more challenging than the debt itself!

I know I have not painted a pretty picture, and I don’t mean to sound like the Grim Reaper, but at Bell & Company, we know the extreme repercussions of debt. Our team face its gruesome reality daily, so I can’t hide it with colourful paint and pretend it’s a masterpiece. We understand the trauma experienced by our clients as they struggle to come to terms with their situation.

All About the Mindset

When you feel utterly powerless against debt, it only makes the process more difficult. While it takes money and time to get the job done, shifting your mindset to an empowered one will help you through the long slog to financial freedom. We know this, and so we work daily on shifting mindset and encouraging positivity in clients.

This is even more important in our fragile economy, which is pushing SMEs to the brink. If you want your financial realities to change, you need to change your mindset. Otherwise, no amount of money is going to get you out of your debt. You will begin to feel like a rat running on a treadmill, simply running in place. It may seem your debt is insurmountable, but with the right attitude, it is merely an obstacle and one that you can overcome one way or another. There is hope!

We will be discussing the mental health impacts of debt in our latest upcoming webinar on Monday 23rd August at 1 PM. Register here.

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Your first consultation with us is completely free and you are under no obligation to proceed with us. However, it involves a thorough financial review and a tactical assessment of your various alternatives. We are assured you will leave the meeting with a clear understanding of your options and possible outcomes.

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Bell & Company is not allied to any financial institutions, agencies or outside bodies. This is one of our greatest strengths. It means that, unlike others, we are able to provide impartial advice that is in each client’s best interest and to operate scrupulously on their behalf, free of outside interference.

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