Is your debt taking a toll on your mental health?
Over 56% of people reported that debt has a negative impact on their lives. They have anxiety around financial decisions and have a wide range of issues that impacts their mental health.
Debt stress is a silent killer. It can make people feel so despondent, that they consider suicide as the only way out.
It can be terrifying and horrific to witness and experience. However, there are always options out of debt. Read on to learn the top signs of debt stress and ways you can manage your debt.
Common Signs of Debt Stress
Debt stress affects everyone differently. Most of the time, people are going to keep their money problems to themselves. They may feel embarrassed or ashamed that they got themselves so deep in debt that they are afraid to reach out for help.
Knowing the signs of debt stress can help you recognize that it’s time to get help.
1. Deep Denial
Calls from collections people threatening to take away your car or security aren’t fun to deal with. Same with getting letters from the IRS.
Instead of dealing with these issues head-on, people deny that there’s an issue. They take the ostrich approach and bury their heads in the sand. They may ignore calls and letters and pretend that everything is fine.
Under the surface lies a lot of despair. There’s an overwhelming feeling that people have a hard time coping with and avoidance is much easier.
2. Lack of Sleep
Stress can cause a major lack of sleep. The lack of sleep can impact your overall health and wellness. You become too tired to do anything, including dealing with your debt.
At the other end of the spectrum lies anxiety and panic. People turn to money as a form of security. When that security is threatened, the fight or flight response kicks in.
This can cause worry and obsession over your debt, leaving you with little room to think clearly. Without the ability to focus, it becomes much harder to figure your way out of the situation.
4. Fractured Relationships
Stress can take its toll on your mental health and physical health. One of the signs of debt stress is that it can also take a toll on your relationships.
Financial stress is often cited as a reason why couples split. If you notice that you or your partner are fighting more often, it could be because of debt stress.
The fighting and disagreements are usually tied to smaller things like taking out the trash. You have to deal with the underlying causes of the arguments rather than be on each other for little things.
The weight of debt can be overwhelming. It can easily make you feel like there’s no escaping debt and you’ll always be in that situation.
You may want to give up because you don’t want to be a burden to those you love. You’re probably judging yourself much more harshly than anyone around you ever would.
If you feel hopeless about your debts, seek help. Talk to a therapist who can help you cope with the stress and find healthy ways to deal with it.
Get Relief from Debt Stress
Now that you know what the top signs of debt stress are, how can you get relief from your debt? These are a few of the options that you have available.
Have a Plan
The best way to lessen your stress over debt is to have a plan. Take a look at what your income, your expenses, and what your debts are.
Look at each one and make a list of action items to take care of each one. Are you behind on any debts? Then take action to reach out to each creditor. Most will be willing to work with you, even in the worst financial situations.
One other way to ease the burden of debt is to consolidate it. This is a smart option if the majority of your debt is in high-interest credit cards.
You can take out a personal loan for a much lower interest rate. You’ll be able to eliminate your credit card debt and have a lower monthly payment.
This is considered the nuclear option to get debt relief. Bankruptcy can be a good option if you have a high level of debt. It can give you a fresh start, however, it will stay on your credit report for 10 years.
Earn Extra Income
The reason why so many people are in debt is that they’re simply not earning enough. It’s not your fault, though. Over time, the cost of living has increased while earnings haven’t kept up.
Instead of cutting your budget so deep to the point you can’t enjoy life, you can find ways to earn more money. You can start a blog and monetize it, drive a delivery truck, or find a job that will help you earn a little more to put towards your debts.
It will take time to get the situation resolved. Keep making your monthly payments and work towards reaching your financial goals. Once the weight is lifted, you’ll find that you’ll look and feel lighter.
Take the Stress out of Your Debts
Being deep in debt can be overwhelming. It can feel like you keep digging a hole that gets deeper and deeper and there’s no way out.
That can leave you feeling the effects of debt stress. If you or someone you know feels hopeless or is losing sleep over their debts, get them the help and emotional support they need.
Point out that they have options. They can make arrangements with their creditors, declare bankruptcy, or consolidate their loans. There are all viable options to lift the burden of debt.
Do you want more lifestyle tips? Head over to the health and wellness section to help you live a better life.