Many of us have been in a spot in which we’ve needed some emergency cash. In those cases, a vehicle title loan can get you the help you need. But generally, debt can have a marked impact on our overall wellbeing.
The seemingly nonstop bills and the pressure of having to come up with payments can do a number on our mood and stress level. We can have trouble sleeping and our appetite may be affected. Even our self-esteem can be affected, making us feel inadequate, insecure, and downright helpless. Here’s how debt creates stress and anxiety.
Stress and Anxiety
Constantly worrying about payment deadlines and the prospect of financial hardship can result in significant stress and anxiety, which can spill over into everyday life and decision-making. Seriously, when you’re facing a mountain of debt, it’s very difficult to learn, remember, or solve problems.
The Connection Between Debt and Your Mental Health
There’s a very strong connection between debt and mental health. According to studies by the Money and Mental Health Policy Institute, people who have major debt are substantially more apt to experience mental health issues. It works the other way, too: People with mental health woes also tend to be deep in debt.
Debt stress and its attendant emotional issues can lead to increased usage of alcohol and drugs, and can cause procrastination, heightened nervousness, and a change of appetite.
How Debt Affects Emotions
There are a number of ways in which our financial obligations can affect our mental health:
- Denial. While late fees and interest charges pile up, some people continue their compulsive spending with little to no consideration of their worsening financial state. They avoid facing their problems until an event such as a lawsuit, threat of foreclosure, or calls from debt collectors wake them and force a change.
- Stress. Stress shows up in a multitude of ways, from poor sleep and loss of focus to nagging worry and a poor mood.
- Anxiety. According to the National Institute of Mental Health, some 40 million U.S. resident have anxiety issues, with financial problems a major cause. Stress can manifest as a dry mouth, rapid heartbeat, headaches, and “the shakes.”
- Anger. Debt can make us mad. Big mad. Debtors become ticked at creditors and the constant flow of bills. They may even resent the postal worker who brings the bills. They may be angry at their employer for not paying them more and upset with their spouses for not pulling their weight. They may even show anger toward their kids for their needs. Not only can such anger impact relationships, but they can lead to physical problems like heart disease and migraines.
- Depression. Lastly, hopelessness can come upon you, along with diminished self-esteem. That causes some to compound their problems by engaging in “retail therapy.” They go shopping when that’s the last thing they should be doing. In turn, that can result in even more debt, which leads to more despair and depression.
In Summary
It’s no secret that debt can create stress and anxiety. It can even overshadow much of the good in our lives, as we have trouble thinking about much of anything else. However, all is not lost. There are still ways in which you can climb out of debt and get on with your life. You just need diligence, determination, and patience.