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Has considerable debt started affecting your mental health?

| Nov 14, 2019 | Uncategorized

Some people may worry that, if they face money problems, then they are not as good as other people or are less successful. However, anyone could end up in a situation that results in serious debt accumulation. Of course, knowing that it could happen to anyone does not necessarily make those facing debt problems feel better.

In fact, it is common for people with substantial debt to face serious emotional and mental distress. As a result, you may be among the many people in New York and across the country who face many difficulties in your life due to your financial problems.

How can debt affect your emotions?

Worrying about money can affect individuals at any income level. If you face an unexpected medical emergency, you could end up with substantial debt even if you have insurance coverage. You could also quickly face money problems if you suddenly lose your job. On top of the direct financial issues, you could also experience the following emotional turmoil:

  • Depression: Not knowing how you are going to get out of a difficult financial spot can easily lead to feelings of depression. You may think that you will be stuck in this position with no way out.
  • Anxiety: You may count every penny and feel guilty about spending money because you experience anxiety about your debt.
  • Stress: You may stress about your money problems while at work or at school, which can increase the stress you may already feel in those areas of your life.
  • Resentment: Though you may not do so intentionally, you could start to resent your friends and family who are more financially stable, or you may even resent your spouse if he or she contributes to the debt burden of your household.

Undoubtedly, you do not enjoy the difficult feelings that your substantial debt brings about, but you may not know what to do about it.

Taking action

If your financial problems have reached a point where they affect nearly every aspect of your life, and your mental health is suffering, it may be time to consider taking drastic actions. Filing for bankruptcy is a proven debt relief method that could help you get your debt under control and allow some of your financial burden to subside. As a result, you may find yourself on more stable financial ground and able to guide your emotions in a healthier direction.