The UK government has launched a stress hotline to help people cope with mental issues. Trained health advisers will counsel callers on 0300 123 2000 from 0800 to 2200 daily.
People who need genuine help will be referred to the mental health services, while other will receive counseling for debt, housing and employment issues.
"After the festive season many of us take a long hard look at our finances," said Care services minister Phil Hope. "Tightening our belts and getting out of debt always features high on the list of new year resolutions. But debt can have a serious impact on a person's mental wellbeing, causing stress, depression and even suicidal thoughts."
It is reported that the average household debt in the country is now Ģ10,000 apart from mortgages. Recent polls have also indicated that people are worried about money due to the economic recession.
Jacqui Jedrzejewski, the mental health lead at NHS Direct said people would get a sympathetic ear, "We know the credit crunch hits people in many different ways and job insecurity, redundancy, debt and money problems can all cause feelings of distress and helplessness," she added.