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I recently attended an online event where I learned about the connection between debt and mental health. I knew that many people who have found themselves in serious financial debt have succumbed to mental health issues, even having thoughts of suicide. I thought it would be a good idea to examine this topic further and share the deep connection between debt and mental health.
How Does Being In Debt Affect Your Mental Health?
Many Americans are coping with debt. It has had a big impact on their mental well-being. Many people have lost control of managing their finances in an organized manner. The constant worry about bills, debt, and financial stability has caused many to become depressed and anxious. A study by the American Psychological Association has found that money is the top stressor for many people. There was another report in 2022 that showed 1 in 8 people who are behind on at least one payment say they have tried to take their own life because of the cost of living crisis. People coping with financial problems have also experienced health problems that have affected their physical health as well.
How to Get Out of Debt Mentally and Emotionally?
Getting out of debt usually takes time, patience, and diligence. For some, the process could seem so long that it affects them emotionally and mentally. However, one of key to getting out of debt mentally and emotionally is becoming financially literate. This means learning how to start a retirement plan, create and stick to a budget, or speak to an expert about large, life-changing purchases.
It also may be beneficial to ask for help from trusted, responsible friends or take lessons from books or classes to figure out more ways to manage your finances. Be sure to look for spending patterns and figure out what you could cut out and what you could keep. Look at your monthly or annual subscriptions and see which ones you need or don’t need. When you become more proactive in your financial habits, your mental and emotional well-being will start to improve as well.
What is Debt Stress Syndrome?
When people find themselves under severe stress due to mounting financial problems, they could be going through an issue called debt stress syndrome. This phenomenon is when you find yourself in high insurmountable debt that could really put you under a lot of stress. Your behavior and daily routine start to become off balance. Some aspects of your health debt stress syndrome could affect your sleeping, concentration, and eating habits. When your stress level starts to grow due to serious money problems, this could lead to other health problems such as high blood pressure, elevated cholesterol levels, diabetes, and obesity.
Different Examples of Resources that Could Help
Being knee-deep in debt is no fun for anyone. That’s why many people seek help in various ways to get out of this. One way is through enrolling in debt settlement companies such as Prosperity Financial Network, which helps people lower their total debt and pay it off faster. Other people utilize a credit counseling service for assistance or debt consolidation. Some also choose to file for bankruptcy. It’s important to know that everybody’s situation is different and we all must decide what’s best for us and our future. When determining the best solutions to eliminating your debt, start to consider the pros and cons of each option. Talk to a financial advisor if necessary for assistance in managing and eliminating your debt. Also, consult a mental health professional if the ongoing challenge starts to become too much of a burden for you that it affects your mental and physical health.
Are you or someone you know struggling with insurmountable debt? Has the incessant calls of debt collectors affected your mental health or physical health? Feel free to share your experiences with this in the comments section below. Never feel that you’re dealing with this alone. Be sure to like or share this post with the next person you know who may need it.
