Mental Health And Debt: How Are They Associated

Mental health and debt are more heavily associated than some might think. It's understandable that debt would cause extra stress or mental health struggles

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July 29, 2019
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With the increasing price of each and everything that you are eyeing around, it is not impossible for you to land up in a huge amount of unwanted debt. Right from the cost of living to the cost of medical expenses to numerous other important expenses that cannot be avoided for living a normal life; everything has been observing a huge price surge. You need to earn enough in order to satisfy all your basic needs as well. According to the Royal College of Psychiatrists, one in every two adults, who has debt, is going to face mental health issues at some point in their life.

Debt is one of the main causes of mental health problems and alternatively, mental health problems can also lead to a huge amount of debt. It can be extremely tempting to avoid thinking about debt, make you uncomfortable, and most importantly, is responsible for making you feel extremely guilty, depressed, as well as hopeless. This is why it is always a good idea to sort your financial problems right from the beginning so that you can be in a better financial position and lead a healthy life.

Four important things that you should definitely remember include:

  • You cannot ignore debt because, with time, it is going to become worse.
  • You need to explain all your problems with a person you trust.
  • Ensure that you are getting independent advice from an expert.
  • And, most importantly, ensure that you are taking control of the spending habits.

People keep getting into debt: how

If your income is low and you do not have enough money in order to sustain your living, there is a high chance that you are going to end up in debt. Also, if you are someone who keeps spending recklessly on anything and everything, this is another important reason to have outstanding and unwanted debt amounts. Given below is a list of the other common things, which are responsible for pushing you into unwanted debt or can even make your existing debt situation worse.

Major changes in life

There is a high chance that you have lost your job recently, lost a person you love, broken up with your current partner, or you might even end up borrowing money, have stopped paying your current bills, etc. These can be responsible for making you land up in debt.

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Not keeping well

Physical and mental illness is also responsible for pushing you into debt. In case if you have lost your job all of a sudden or you are spending a huge amount of time without work, you are not going to have a huge amount of money and you might have to pay more for your prescriptions, visit the health care centers, or look for new work.

Not receiving payment

If you have been working with someone for a really long time and you are still not receiving payments, there is a high chance that you will be in debt, because you have to borrow money from others in order to meet all the necessary expenses.

Living on low income

If the money that you earn is below average, you can get into unwanted debt. In fact, your situation is going to remain the same because there will be times when you might have to start replacing the essential items. Also, it will almost be impossible for you to carry on without borrowing a certain amount of money from someone.

Ignoring bills

If you are mentally unfit and you do not want to think about all the pending bills that you have, it is obvious that nothing can stop you from going into debt. Ignoring your bills is never the solution to avoid paying them, because, in the end, you are going to have to pay a huge sum of money as the bills keep piling up.

How is debt going to make you feel?

If you are in debt and you cannot control it for a long time, you are going to feel:

  • Everything is going out of control and nothing can be done about the current situation that you are in.
  • Hopeless, mostly because the financial situation is worsening day by day.
  • Embarrassed to discuss your problem with anyone.
  • Guilty, especially because if you are in debt due to your unusual spending habits.
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Mental health and debt

When you are not able to clear your withstanding debt amounts for a really long time, it is obvious that you are going to end up in stress and anxiety, which will obviously affect your mental health at some point in time. This is why it is suggested that you take control of your financial situation right from the time you spot errors.

Also, when you are trying to recover from your debt situation, it might be so that creditors do not have any idea about the mental problems that you are facing. It is not unusual if they are behaving in an inappropriate and distressing way. It is suggested that you discuss your problems with the creditors and state the difficulties that you are facing so that even they can behave in a better and lenient manner with you and deal with your situation differently. You can visit NationaldebtRelief.com to know more about debt relief options.

Sorting your debt

Given below is a list of the ways that you can follow for sorting out your debt situation.

  • It is definitely a good idea to discuss your situation with a close friend or a family member so that you can get out of this situation and avoid mental health problems.
  • You can also ask for help from money advisors. A money advisor is definitely not going to help in assessing your mental health issues but since they deal with these kinds of people on a regular basis, it can be easy for them to understand as well as tackle your situation in a gentle manner. However, it is completely dependent on you whether you are working in accordance with the advice provided by your money advisor.

Conclusion

Debt and mental health problems are known to go hand in hand. It is crucial that you take care of your situation right from the beginning so that you can avoid falling into the massive debt trap.