It’s no secret that debt and mental health are linked. Debt can trigger stress, anxiety, depression and all sorts of other unpleasant emotions. But the reverse is also true: poor mental health can have a huge impact on your debt.
Psychology experts report that even a slight decline in mental health can lead to increased financial stress. According to one study, individuals who struggle with depression and anxiety were three times more likely to be in debt. One of the biggest reasons is complacency; hopelessness often accompanies poor mental health.
Considering the mental health crisis the global pandemic has created, that’s a tough pill to swallow.
There Are Many Reasons Mental Health Challenges Affect Our Debt.
When we are struggling emotionally, it may become harder to keep track of money. Maybe we splurge on a purchase to have something to look forward to for a little while. Or perhaps the lack of sleep we’ve experienced from the stress of the pandemic means we aren’t able to make rational financial decisions.
Here are just a few examples of mental health stressors that could be affecting your debt:
- Due to the pandemic, our surge capacity — the ability to handle stress in a crisis — has been chronically depleted
- Seasonal affective disorder can compound already-negative emotions and depression
- Being apart from family members and loved ones during the holidays can be acutely mentally challenging
Any number of these factors can deplete us of our energy and resilience, and make us feel hopeless. Feeling hopeless can cause us to get into a debt spiral that seems unending. But I’m here to tell you that there is hope and relief waiting for you.
Bankruptcy Offers Lasting Relief in a Time of Uncertainty.
These are scary, troubling times. Many of us are grappling with life’s biggest questions, and we don’t know when this uncertainty will end. We may find ourselves wondering if it’s even worth trying to fix our debt.
I want you to know that it always is. Even though you may be feeling depression, stress, and anxiety, you can still work towards the bright future you deserve. Bankruptcy offers powerful, lasting relief from debt and creditor harassment.
Our team of bankruptcy lawyers is compassionate, helpful, and effective. Give us a call at (901) 327-2100 or contact us online to have someone from our office call you. The consultation is absolutely free; no strings attached. We will go over your unique case and make a plan to get you out of debt, together.