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    The impact of debt on the wellbeing of the borrower has not been fully explored, leading one charity to focus on the issue in 2008, it has been reported.

    Mental health charity Mind has requested the Royal College of Psychiatrists conduct research exploring whether debt causes mental health problems and whether mental ill health can help cause debt, the Times has reported.

    Paul Farmer, chief executive of Mind, told the newspaper there are "clear links" between mental ill health and poverty.

    "As Britain’s debt levels increase, so will people’s financial worries, which for some may lead to more serious mental health problems such as anxiety, depression, self-harm and suicidal thoughts," he warned.

    For people who are concerned that their debt levels are affecting their health, there are a number of routes out of debt and many organisations offering assistance.

    One possible option is an individual voluntary arrangement (IVA), which allows a debtor to make an affordable monthly payment for a set period of time, usually five years.

    Under the terms of the IVA, at the end of that period any remaining debt outstanding is written off and creditors can receive tax breaks to make up for their losses.

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