20/11/2025
Schizophrenia and Debt
Debt is an unfortunate fact of life for many people living with schizophrenia. An episode of schizophrenia can make it very difficult if not impossible to manage your finances well. In fact in a recent survey by the Money Saving Expert website it was found that around 36% of people with mental health issues have severe or crisis debts compared to around 6% of the general population. This finding is important to people with schizophrenia because it shows us how vulnerable we are to debt problems if we let them get out of hand and also that it is possible to live a prudent lifestyle in which debt need not be the dominant feature that sadly it is for many.
When you are well it is vital to run your affairs well to avoid a legacy of debt and a poor credit record that may take years to overcome. In addition, debt is a major source of stress which needs to be avoided if you are to stay well in the future. It is however one that, with canny financial management, you can avoid.
If you have problem debts it is often helpful to get in touch with one of the non-profit debt advice agencies who can help you. Debt advice is a complex subject. We therefore recommend that you get advice from one of the specialist debt advice services such as Step Change or Citizens Advice and make enquiries with your local library about help available in your area:
No matter how bad your debt problems there is usually a way through them and you will come out the other side and want to make a fresh start. Our information sheet on staying out of debt (https://livingwithschizophreniauk.org/information-sheets/staying-out-of-debt/) has a lot of information about managing your finances prudently and in a way that won’t risk getting into debt again in the future.
There is more information about managing debt in our information sheet at https://livingwithschizophreniauk.org/information-sheets/dealing-with-existing-debts/.
Contact us on email at: info@livingwithschizophreniauk.org