Taking on debt can be a common thing today and most of the people have multiple debts against their names. Few of them have all their debts under their control while another struggle to meet up with the demand of paying the monthly bills on time. However easy and accessible these loans are, these can have a serious effect on your health if you do not manage your debts effectively.
Surprising and unfortunate, but it is true that unmanageable debts can create a chain reaction.
- It will cause stress as you will constantly think about meeting the bills that are coming up next month
- This stress will lead to depressions and anxiety if you fall short of the required amount in one month and then every month
- Eventually this results in bad health, physically and mentally.
When you stress, there will be serious trouble in your life. It will change you as a person. You will have problems with your professional and personal relations, change in behavior and moods and most importantly you will lose your financial freedom.
Delay in action
If you let this situation aggravate by not being proactive with your debts and its management and take necessary remedial measures immediately, your debt will grow. Debt can accumulate in different forms such as:
- Late payment fees and
- Other charges.
It will soon reach a stage when it will be out of your control. Therefore, delaying in making payments or taking necessary actions if you sense any difficulty in repayment will be an unwise move as that will affect your health. Since depression is usually triggered by debt, it is considered to be the common stressor.
Rising money problems and delaying in making arrangements to deal with it will have severe consequences and it can create drastic conditions in your mind that can at times lead to suicide.
Relation with debt and stress
According to studies, it is revealed that people who have manageable or less debts are far better in health, both mental and physical, as compared to those who have multiple debts and are struggling to make the payments.
These are the people who spend most of the time looking for debt relief options suitable for them, reading several debt settlement reviews and searching for the best debt relief providers to work together to find an easy and effective solution.
Research and studies have found a clear link between debt and stress.
- When you are in debt and struggle to make your monthly payments due to lack of strategic plans it is likely that you will ignore your health.
- Since you will have monthly deficits you will think it is best to save money on doctor’s visits which ideally is a wrong move that will have even worse effects in the long term.
- This will clear the way for emotional distress to step in from here. This is the specific state of mind where you feel helpless and hopeless resulting in a very low self-esteem.
The psychiatry and behavioral science department says that all these will lead to depressions. Their study says that:
- This will increase the risk factors of your health and mind which will slowly deteriorate causing further emotional distress.
- You will not have any control over your mind and behavior just as you would not on your debts.
If this emotional stress reaches a stage that is beyond control or a quick fix, you will experience behavioral changes such as frequent mood swipes, anger, irritation, finding fault in others, quarreling with your coworkers and family members.
Seek help during depression
The relation between debt and depression is entwined since debt can lead to depression and on the other way round, depression can also lead to debt.
- If you have different types of loans such as credit card debt, student loan, medical debt, personal loans and mortgage foreclosure, it will lead to depression just as when you lose your job.
- You will also experience anxiety, anger and make all decisions that are wrong and you would not have made if you were in a healthy state of mind.
- This will lead to further depressions and the situation will be worsened even more if you are the only earning member of the family and to top that you do not have a retirement plan or savings.
- The high rate of interest on the debt will further get added when you use your credit cards at random and without considering the consequences of funding your impulsive shopping with it.
You will therefore slowly get immersed in the ‘debt-quicksand.’ In such conditions, you will require proper guidance and help from a trained professional. These experts will help you to deal with your debt as well as your depressed state of mind.
They will come up with different types of solutions that will help you a great deal in such conditions.
- First, you will have to admit that you have debts and currently are facing a problem to meet with the bills. An honest realization and recognition is half of the solution.
- Second, to deal with your mental and physical state, you can take the help of a doctor. The doctor may suggest different treatment strategies and medications. You may even be suggested to undergo talk therapy or meet different support groups. This positive frame of mind will help you in the following stages.
- Third, with the use of bet budgeting tools and their expertise, the professionals will create a proper budget for you to follow strictly.
- Fourth, they will tell you about your rights so that you do not feel afraid to deal with the debt collectors and avoid their calls and correspondences. You may even be suggested to contact your creditors and negotiate for a reduce payment on your debts depending on the demand of the situation.
You can also consult a debt counseling agency to learn the different steps to repair your credit and seek protection when things reach extreme state. Therefore, do not stress but look for remedies to your stressful debt situation.