Addiction and debt
When things get too much, it’s best to reach out and ask for help. If you are searching for or in need of support, please take a few minutes to read…
Having an addiction can affect many aspects of your life, and for most cases the compulsion can also lead on to or contribute towards debt. To some, addiction may still be considered a taboo subject, where people don’t typically speak about it or seek support for their circumstances. We encourage anyone who suspect they might have an addiction to seek professional help.
We’ve collected information to inform you about what addiction is, how it can lead to debt, and where to find support in this article.
What is addiction?
When you hear the word ‘addiction’, what comes to mind? Alcohol, drugs, gambling, and smoking? Yes, these are all commonly associated to the term, but according to the NHS, you can become addicted to just about anything.
Categorically, addiction is an inability to stop using a substance or engage in a behaviour even though it could cause psychological and physical harm. This not only includes some of the common addictions listed above, but could also involve additional activities such as eating, shopping, or intimate acts.
Everyone’s experience is different and the reasons for getting addicted to something can vary. It’s been reported that many get addicted because of the feeling that the activity or substance produces, because of these feelings, it can create an urge to use it again.
The NHS have also suggested that people who find themselves with an addiction, may suffer from withdrawal symptoms as a result of not having it. Therefore, it is possible for people’s addiction to become out of control, because of their need to satisfy their cravings.
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The connection to debt
The pressures of managing an addiction can affect your relationships, work life, and financial health.
Due to the strong influence that addiction creates, it can be difficult to break the cycle and resist the urge of using the substance or activity. With many addictions being costly, it can quickly become a situation where an individual might spend more and more money to satisfy their needs.
For some people who become dependent on their addiction, they may use it as a way to block out difficult issues. If an addict finds themselves in debt, they may struggle to focus on recovering from their situation because of the pressures they find themselves in.
If you or someone you know is struggling with debt and addiction, it may be wise to seek support for both simultaneously. You might find that the steps you take to recover with one will make it easier to deal with the other.
Where can I find support for my addiction?
We recommend that you seek expert advice to support your recovery with your addiction. In the first instance, you could see your GP for advice, or use the NHS’s support service to find support in your area:
Further support on other types of addiction can be found below:
- GamCare – provides free information, advice and support for people with gambling addiction.
- Beat – Is a charity that provides support with people with an eating disorder.
If your addiction is affecting your mental health, you can reach out and speak to Mind, a charity that supports anyone experiencing a mental health problem.
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Where can I get support for debt?
If you have an account with Cabot Financial and you feel you’re currently struggling, please get in touch with us to let us know. We will do our absolute best to help however we can. This might even be by putting your account on a short hold, so you can seek support from a free debt advice organisation. If you do have debt with other vendors and providers, you can also get in touch with them and let them know about your situation. Being honest can be hard, especially when dealing with difficult subjects, but we strongly believe it’s the best way to deal with your finances.
We recognize some people may prefer to seek free debt advice. We work with a variety of these organisations, and we will be happy to deal with them on your behalf, these include:
Payplan – A debt help organisation that offers free advice on debt, benefits, and financial wellbeing.
Stepchange – A charity who specialise in free impartial debt advice.
Other organisations are available here.