Experiencing debt can be an emotionally taxing ordeal, especially considering the impacts of past economic downturns and the escalating issues of student loan debt. Evidently, when assessing mental health, being in debt appears to bring about more harm than good for most people. This is supported by a study from the University of Southampton in the U.K., indicating that approximately 25% of those experiencing mental health issues also have financial debts.
The experience of being in debt is financially burdensome and can have a profound negative impact on mental health. This article elaborates on the ways in which debt can affect your mental well-being and offers suggestions for managing this distress.
FEELINGS OF SHAME AND EMBARRASSMENT
In the context of today’s society, debt often carries with it a sense of disgrace. Many people bear the burden of debt, sometimes even viewing loans or maxing out credit cards as a necessary evil for tackling unexpected emergencies. Nonetheless, plunging into debt can lead to feelings of shame or embarrassment over financial decisions made out of necessity. You might link your self-esteem to your indebted status, or even experience shame for not being able to pay off your debts as quickly as you’d like. Notably, some people may also find it uncomfortable to discuss their debt situation with their partners, leading to financial secrecy.
DENIAL
Denial is a defense mechanism that results in ignoring reality and pretending everything is fine. Those in denial might dismiss their debt as immaterial, lack motivation to pay bills promptly or develop unhealthy habits to maintain their state of denial, all while their financial predicament worsens.
FEAR AND ANXIETY
Fear and anxiety are common reactions to financial strain and the uncertain future that comes with large amounts of debt. This uncertainty can bring about undue stress and worry. The fear of spending money, or generalized apprehension about the future can lead to anxiety, which in turn can develop into depression and physical symptoms.
RESENTMENT
Debt can strain your marriage, friendships, or any other relationships. You might blame your partner for accruing the debt without disclosing it to you or feel resentment toward an employer who’s not willing to pay you more or dependent family members who rely heavily on you financially. Holding onto resentment is unproductive, only contributing to further deterioration of mental health.
MANAGING MENTAL HEALTH AMIDST FINANCIAL DIFFICULTIES
While debt can be cumbersome, it doesn’t have to define you or ruin your mental well-being. Should you feel that your mental health is negatively impacted due to debt, below are some strategies to cope with this situation.
SEEK PSYCHOTHERAPY
There is great value in seeking counseling to help enhance mental health. If debt sparks feelings of anxiety, depression or affects your relationships, it could be beneficial to consult a licensed mental health provider. Therapists can assist you in creating healthier coping mechanisms to manage your debt-related stress. While cost may deter you from seeking professional help, remember, insurance can cover therapy costs and community clinics often provide services on a sliding fee scale. Alternatively, exploring affordable online platforms such as BetterHelp.com and TalkSpace.com could be beneficial.
IMPLEMENT A REALISTIC BUDGET
Inculcating a realistic budget is crucial if debt is detrimentally affecting your mental health. A significant amount of financial stress often stems from the lack of a clear monetary plan. Budgeting, far from being restricting, simply provides a spending guideline that directs your finances. Having a planned budget can give you a sense of control by ensuring there’s a provision for both day-to-day expenses and debt payment.
PRACTICE GRATITUDE
Constantly concentrating on the negative aspects of your debt can take a toll on your mental health. Shift this perspective by making gratitude your primary focus. Though this won’t magically erase your problems, it can significantly transform your perception and feelings toward your debt situation.
TO CONCLUDE
Debt is merely a financial obligation, yet it can burden your mental health in more ways than anticipated. However, remember that debt – while you can work toward resolving it at your own pace – is not the be-all and end-all. Developing a meaningful mindset and forming an actionable strategy can foster a healthier mental state, even amidst financial strain.
