Friday, September 24 , 2021

How Debts Can Affect Your Mental Health

It seems like the whole world revolves around money. You buy a lot of stuff every day without even thinking about it. And you can’t get enough. Unfortunately, money isn’t never-ending, so naturally, you look for ways to get more money than you earn. You turn to banks and ask for loans to satisfy various needs. Then one day, you wake up with an enormous debt that makes you anxious and terrified of losing everything you have. Constant worrying and being scared all the time make you lose control. Indebtedness can affect your mental health. The question remaining is, how?

Can you drown in Debt? 

Not all debts are the same. Some are more of a burden than others. You picked a random offer on the loan market, not checking trustworthy loan providers, like Nation21Loans, and your financial problems started. And with unpaid instalments, your distress grew. Worrying about debt can bring on mental health issues or distress. And compromised mental health can lead to irresponsible spending in an attempt to comfort yourself. Turns out, 48% of people with debt believe they pay too much towards their debt every month. These people are exposed to a life with high-stress levels and unhealthy concerns that they can’t escape. And you are one of them. Not being able to pay on time has a massive impact on your well-being. Since you pay “too much,” the likelihood of you being happy decreases. 

Thoughts that never go Away

Financial distress is something every debt holder is familiar with. There is a link between self-esteem and fulfilment and being debt-free. It is proven to be extremely hard for people to relax when they have thoughts about unpaid debt on the back of their heads. Debt is just something that you cannot forget, and this kind of stress affects your mental health. Not in a good way. That doesn’t mean that money can buy you happiness. You know there is more to being happy then a number in your bank account. However, being out of debt most certainly brings a feeling of relief and helps to maintain a healthy mind. 97% of people with debt think they would be happier if they didn’t owe money. 

The real cost of Debt

The cost of debt is not just the money that you owe. It is also your well-being, and deep down inside, you already know what. What you may have forgotten is how being in debt affects your family. You are not the only one experiencing distress and anxiety. Your partner, wife/husband, or even your children, feel the effects of your financial problems as well. As much as you don’t want them to feel all those things you do, there is only one way to protect them. You need to be out of debt. It’s not like your destroying anybody’s life, because that is not true. But debt creates feelings that are not necessary for your family relationships. 

Can you be happy with Debt?

Yes, you can. Right now it may seem impossible, but the research says otherwise. Achieving happiness is more of an individual journey than a destination, but some factors can help ease the process along the way. No matter their relationship with debt, most people feel satisfied with their life to some extent. 70% of people with debt reported feelings of satisfaction, compared to 83% of those without financial obligation. Even though some individuals who have debt, don’t share this enthusiasm, generally speaking, you can achieve happiness even when it debt. There is less possibility for people with debt than without, but the chances are still high.  

Perspectives for people that owe Money

Living a fulfilling life means different things for every individual. For some, it means having great food on the table and a glass of wine, others need to travel across the globe to feel like they live life to the fullest. One thing though seems to work for everyone, and it is lack of debt. 

49% of indebted people feel fulfilled, which is not a lot, but also not so small of a number. Having a meaningful life or making the most of yourself doesn’t have to do much with money. But being in debt once again lowers your chance a bit of feeling that way. Achievement is easier without debt, but still highly possible for debt-holders that work hard.

Take care of your mental health, no matter how much money you owe. Don’t let debt drown you and remember about great perspectives that you still have. Get your money right and think of a better future for yourself and your family, a debt-free future. 

 

Related

Share