12 Nov The Impact of Debt on Your Mental Health and How to Cope
Debt can be a source of stress and anxiety for many people. It can affect your self-esteem, your relationships, and your well-being. But you are not alone, and there is hope. In this blog post, we will look at the impact of debt on your mental health and the best thing you can do to cope. Let’s get into it.
The Impact of Debt on Your Mental Health
One of the most common impacts of debt on mental health is depression. Depression is a mood disorder that causes persistent feelings of sadness, hopelessness, and loss of interest in daily activities. People who live with debt may experience depression due to the reduced quality of life and psychological distress associated with the obligation to repay debt.
Debt can also trigger stress, which reduces resilience against mental health problems. Moreover, debt can impair cognitive functioning, making concentrating, remembering, or solving problems harder. These factors can worsen the symptoms of depression and create a vicious cycle of debt and mental health issues.
Another impact of debt on mental health is anxiety. Anxiety is a normal emotion that helps us cope with challenges and threats, but it can become excessive and interfere with our functioning when we face chronic or overwhelming stress. People who struggle with debt may experience anxiety due to the uncertainty and insecurity of their financial situation.
Debt can also affect the physical health of people, increasing the risk of blood pressure, heart rate, and pain. These physical symptoms can amplify the feelings of anxiety and create a feedback loop of stress and worry. Additionally, debt can affect the social and emotional well-being of people, leading to isolation, shame, and guilt¹.
A third impact of debt on mental health is suicide: the act of intentionally ending one’s own life, usually as a result of despair, hopelessness, or unbearable pain. People who suffer from debt may have a higher risk of suicide due to the emotional effects of debt and the lack of access to mental health services.
Debt can cause a lot of damage to the self-esteem and identity of people, making them feel worthless, trapped, and hopeless. Debt can also increase the likelihood of depressive symptoms, substance abuse, and psychotic disorders, which are all risk factors for suicide.
How Debt Counselling Can Help You Cope with Debt
Debt counselling is a process that helps you restructure your debt and negotiate with your creditors to reduce your monthly payments and interest rates. It can help you cope with debt by giving you a realistic and affordable repayment plan, protecting you from legal action and harassment by your creditors, improving your financial literacy and budgeting skills, and reducing your stress and anxiety levels.
Debt counselling can also improve your mental well-being by providing you with professional guidance and support throughout the process. If you are over-indebted and need a way out of your debt trap, contact us now for a free consultation.
Get Financial Peace of Mind Today
Although debt can have a severe impact on your mental health, you are not alone, and there are ways to cope with debt and its effects on your well-being. One of the best things you can do is contact us for debt counselling, which will help you restructure your debt and reduce stress. We will give you peace of mind and professional support throughout the process. Don’t hesitate to contact us now for a free consultation.