Is your debt affecting your mental health? You’re not alone

Is your debt affecting your mental health? You’re not alone

by | Jul 16, 2021 | bankruptcy |

If you’re one of the millions of people struggling with debt that seems insurmountable, it can be a burden that is always weighing on you. The link between debt and depression, anxiety and other mental health issues has been shown time and time again.

One survey by a financial coaching company that helps people with student loan debt found that nine out of ten people said their debt caused them significant anxiety. Over half said it had caused depression.

Don’t link your net worth to your self-worth

One woman who writes and speaks about the intersection of debt and mental health explains that many people link their self-worth to their net worth. If their net worth is in the red, that’s sure to harm their self-worth.

She reminds people that many forces are beyond their control. It’s been a difficult year for most everyone, both financially and emotionally. Job loss or even going without a raise for multiple years can pull you even deeper into debt. 

Focus on what you can control

There are, however, things you can do to take some control over your financial situation. These include:

  • Focusing on paying off your high-interest debts
  • Contacting lenders and other creditors to see what kind of arrangement can be worked out
  • Selling things you don’t need
  • Taking on another job or extra work if possible

If your debt has left you struggling both financially and emotionally, it may be wise to learn more about the option of bankruptcy. There are a lot of misconceptions about it, so it’s essential to know the types of bankruptcy and which one might be right for you.