26th June '08 - Funding Announced for Debt Pyschology Study
The Finance and Leasing Association (FLA) has announced that it will fund a Royal College of Psychiatrists (RCP) study into the psychological impact felt by people who find themselves in debt.
It is anticipated that the study will help foster a better understanding of the mental health issues affecting people who find themselves vexed by debt issues such as credit card debts, consolidation loans, IVAs and bankruptcy.
With so many consumers now being forced to re-evaluate their finances in the light of the credit crunch, the study could not come at a more apposite time.
The study will seek to shed light on the socio-economic issues affecting the kinds of consumers who frequently find themselves weighing up the positives and negatives of the various debt management solutions, including consolidation loans and IVAs.
Chris Fitch, research fellow with the RCP, said that the study may become the authoritative one of its kind into the mental health issues affecting UK debtors.
The RCP, the FLA and the Money Advice Trust will work together on the study with a view to improving the quality of health services available to people with high or unmanageable levels of debt.
If a success, the study may also lead to debt management plan companies offering a different approach to products such as IVAs, trust deeds and consolidation loans.
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