Resources you need to know about if you—or someone you know—is experiencing psychological distress because of money problems.

People at all income levels can experience money stress. Living paycheck-to-paycheck is not uncommon. 59% of women and 41% of men face this reality, according to a recent CNBC report. A constant feeling of being stretched too thin can lead to psychological distress, including anxiety and depression. And if you’re unmarried, unemployed, lower income or a renter, a recent study shows that the psychological distress is more pronounced. If you find that financial stress is affecting your mental health, here are resources where you can get help.

Help IS available

Financial stress can cause some people to despair or even lose hope, but there is a way out of even the most extreme financial situations.

If you feel you might hurt yourself, the 988 Suicide and Crisis Lifeline provides free and confidential support 24/7. Either dial 988 on your phone or chat online. When you call, you’ll first hear an automated messaged while your call is routed to a local network center. Then you will be able to talk to a trained crisis worker. Services are available in English and Spanish.

If substance abuse or mental health conditions contribute to your financial stress, call the SAMSHA National Helpline at 1-800-662-HELP (4357) or visit the Substance Abuse and Mental Health Services Administration website to find help. Services are available in English and Spanish.

If gambling is a problem, contact the National Problem Gambling Helpline at 1-800-GAMBLER or the Michigan Problem Gambling Helpline at 1-800-270-7117.

If medical debt is causing financial distress, check out this guide on what to do if you can’t pay a medical bill and list of resources from the Consumer Financial Protection Bureau.

If you’re trying to avoid bankruptcy, do not dip into retirement funds to cover a financial shortfall. Under law, most retirement accounts are protected in bankruptcy proceedings. As a Consumers member, you have access to GreenPath Financial Management Counseling; their experts can help you make a plan to avoid bankruptcy. If you’re considering bankruptcy, learn how it works (some kinds of debt cannot be discharged) and seek counsel from a bankruptcy attorney.

State aid is available

If you struggle to cover basics like medical care and food, you may be eligible for state aid. Contact Michigan Health and Human Services about Medicaid for yourself and dependents and cash and food assistance.

If your utilities have been disconnected or you’ve received a disconnect notice, the State Emergency Relief program may be able to help.

If you need help with childcare costs, check out the Child Development & Care program.

You can apply for more than one state program at a time. Benefits are designed to be available under certain income levels. You don’t have to be completely broke or have no income to be eligible.

Stop by and say hi

Did you know that research from Stanford Medicine shows that people who feel more connected to others have lower levels of anxiety and depression? Even small interactions like saying hello to a neighbor or chatting with a cashier at the grocery store checkout can boost mental health.

While we love to make banking convenient with Online Banking and the Mobile App, we love seeing our members face-to-face too. When you visit any Consumers office location, we’ll be glad to see you. When you stop in, grab a cup of coffee, collect a sticker (this month it’s skiing polar bear!) and take advantage of the free wi-fi.

If anyone you know has financial stress that’s affecting their mental health, please share this article with them. Help is available.

 

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