Being stuck in debt can do more than just create financial chaos in your personal life: it can also have severe effects on your mental health. High levels of debt can cause a range of mental health problems, such as depression, anxiety, stress and resentment.
Depression: According to researchers at the University of Nottingham, people who are struggling with debt are more than twice as likely to experience depression. Another study at the University of Wisconsin-Madison’s Institute for Research on Poverty found depressive symptoms increase simultaneously with levels of debt.
Stress: Obsessing over finances can cause enormous amounts of stress. A study from San Francisco State University discovered stress could take away the “enjoyment” normally associated with spending money. Instead of being happy about buying a new suit or pair of shoes, people in debt just become more stressed over the state of their finances.
Anxiety: Having large amounts of debt can create a constant state of anxiety. The phone is ringing: is it a collection agency? Will the next bill in the mail be a final notice before my electricity is shut off? How many more days until my bills are sent to collections? These are all common worries to have when struggling with debt.
Resentment: Families can be torn apart by arguments over debt and finances. A father may grow to resent his children costing money, or a wife may become upset with how her spouse is handling debts. According to researchers at Kansas State University, money problems are the top predictor of divorce.
For some people, it is possible to make timely payments and escape the psychologically crushing experience of having debt. Others may have so much debt, that escaping through normal means is very difficult. Bankruptcy is a scary word for many, but it can be an opportunity to discharge or make debts more manageable.
Contacting a bankruptcy attorney will let people struggling with debt learn what options are available to achieve financial freedom.
The Sader Law Firm – Kansas City Bankruptcy Attorneys