How Debt Affects Our Emotional Well-Being

How Debt Affects Our Emotional Well-Being

Sometimes debt can trigger the financial blues.

Debt is a core part of life today. And while you may feel elated to be approved for a mortgage or the personal loan that you wanted to pay for something essential, sometimes that doesn’t last. Particularly if you find yourself with unmanageable levels of debt, especially if you have no credit check loans or other types of unsecured loans,  there could be some negative consequences to your emotional well-being.

Feeling isolated and alone

It’s difficult to open up and talk about debt, particularly if you feel like you’re not coping with it very well. Perhaps you didn’t tell your partner that you took out a loan, or your parents don’t know quite how much you owe. There could be any number of reasons for not being up front about being in debt but they all leave us isolated from those we love.

Becoming increasingly frustrated

Debt that isn’t being well managed can eventually get out of control especially if you then need a bad credit loan in order to borrow more. During this process you may become increasingly frustrated with your situation. This could mean that you’re short tempered with your children, for example, or that you find it difficult to concentrate at work and start performing badly. If you’re stuck in a situation where your debt is growing as a result of penalties for missed payments and spiraling interest rates then this frustration could eventually lead to desperation.

Soaring levels of stress

Even if you are usually fairly good at handling stressful situations, debt problems can leave your emotional well-being very unbalanced. Stress related to debt can arise from a very wide range of situations. For example, you might be worrying about how to make the repayments on the debt, as well as covering your other household bills. If you have debt that no one knows about then this could cause you to feel stressed every time you’re around loved ones who might find out. If your debt has become very unmanageable and you’re being chased for late payments then it could be difficult to contain the stress.

Being paralysed by fear

Fear and shame are two very negative emotions that are often associated with debt – and, in particular, with debt problems. We often assume that adults shouldn’t have debt problems and feel that financial issues reflect badly on us as human beings. This can take a real toll on individual self-esteem and leave you with some very negative feelings about yourself. You may also find that you’re so scared of the consequences of being in debt that you’re unable to take action, whether that’s someone finding out about the debt, or being unable to repay it.

How to take steps to protect your emotional well-being:

  • Think carefully before you borrow – do you really need the money?
  • Don’t borrow what you can’t afford – this will only ever lead to problems
  • Manage your debts like a project – be proactive to feel in control
  • If you’re in trouble with debt then take action straight away
  • Get some help – debt guidance organisations can help you find a way back
  • Tell someone you trust – you never know how much help they could give you

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