People are well aware that their accumulating debts affect their mental health. However, the urge to stay financially afloat is far stronger than guarding one’s emotional and mental issues.
At the height of the pandemic, many people lost their sources of income. With the uncertainty of time, more and more resort to borrowing money. As of today, there are 340 million Americans who are in debt.
How do debts affect your mental health?
Most people that you know have debts to pay. It sounds so normal and not at all terrifying when you, yourself, have piles of debts because you are not alone. When you create more debts, this becomes a bad habit that is never easy to discard.
1. Debts are an additional stress.
You think about money all the time. The moment you wake up, you have this invisible load on your shoulder that is pressuring you to make money in order to pay bills and support your family. This responsibility is hard enough. When you have debts, you are giving yourself an additional load to carry because you need to work extra harder to pay these off.
2. Debts restrain your growth.
The sad reality about debts is it hinders you from becoming the best version of yourself. Whether these are credit card payments or mortgages, it ties you down from becoming financially free. You postpone doing things that you dream of because you need to work. Some people refuse marriage proposals because they need to pay their student loans. Others disregard moral values just to earn more money.
3. Debts affect your physical health.
Debts do not only affect your mental health but also your physical being. One survey reported that 44% of people who have high debt stress suffer headaches, muscle tension, ulcers, back pain or heart attack. There is also a drastic change of weight and sleeping patterns. When you are not eating and sleeping well, you become an easy target for illnesses. Being unhealthy stops you from going to work which will further your financial problems.
4. Debts destroy relationships.
When you are heavily burdened with your financial problems, you unconsciously isolate yourself from your family and friends. You want to be alone and sulk on your problems. At times, you do not want to attend family gatherings or work parties because you do not want to see the people who lend you money and are demanding you to pay them.
5. Debts lead you to drugs and alcohol use.
Financial problems push you to do the unthinkable because you are desperate and anxious to live a life without misery. But with so much debt, you just do not know how to do this so you turn to alcohol or drugs to ease your mind for a bit. Without knowing it, you become dependent.
6. Debts tolerate your poor spending habits.
Credit cards, for example, encourage you to spend more and more money. The thought of having it makes you feel entitled to buy anything you want. Even if you do not have that amount in your bank account, you still purchase that expensive bag because your credit card allows you. They keep on tempting you to go shopping sprees without realizing that you are drowning in debts.
7. Debts cause anxiety and depression.
Debts are not just an additional stress but they become a contributing factor to anxiety and depression. The extreme feeling of sadness concerning financial problems tempts you to escape from the real world. Surveys indicate that those who are struggling in paying off their debts are likely to commit suicide. They just choose to end their life instead of facing their debts that will grow old with them.
How can you protect your mental health from your debts?
Even with your debts, you must know that your mental health needs to be a priority. No matter how difficult the situation is and how exhausted you are from working, you have to see that there are reasons to live.
Having debts do not define you. It is wrong to say that you are an irresponsible person because of your debts. Do not bring yourself down and criticize your choices. Remember that it is not impossible to pay off your loans and mortgages. It takes time but it is manageable and attainable. Do not let debts affect your mental health.
Mindshift Psychological Services is here to help you bring in a positive attitude towards your financial burden. They believe that financial problems are not a threat to life but it is your thoughts and actions that will put yourself in danger. These can be remedied when you learn to give importance to your being and wellness.
Do not wait for everything to get worse. If you are not feeling yourself and your debts are slowly consuming your daily life, visit them right away. Visit their website to know more about their services and how these can help you.