How Consumer Debt May Affect Your Mental Health

Debt and mental health

Most people struggle with debt at some point in life. Whether it is student loans, a mortgage, or a personal loan, it can be difficult to stay on top of repayments and not let debt spiral out of control. Consumer debt is one of the leading causes of mental health issues, so why do so many people take the risk of borrowing money in the first place? Is there a way to reduce feelings of stress so your mental health doesn’t have to suffer? Let’s find out.  

Initial Impacts of Stress

Massive debts can cause increased feelings of anxiety. If you are struggling financially, it is still crucial to take care of yourself, as chronic stress can lead to a multitude of serious health issues. You may experience increased feelings of hopelessness and despair, which can cause you to be more irritable and less productive. You may also find you are losing sleep, and without proper rest, your brain is never getting the chance to fully switch off, rest, and reset. In terms of physical effects, a weakened immune system will leave you susceptible to infections, such as colds and flus. Stress that’s brought on by owing money can also affect the everyday functions of your body. Heartburn, gas, nausea, vomiting, and diarrhea are all signs that you need to take a step back and re-evaluate your situation. 

How the Issue Can Worsen

When you are under pressure, it can be difficult to take steps towards physical and mental health, let alone think clearly and make decisions. Many people who accumulate large amounts of debt often make poor spending choices. Operating with a reduced mental capacity and hazy brain can lead to overspending and impulse buying. Struggling to make repayments and constantly being behind can lead to feelings of hopelessness, and many people end up turning to alcohol or drug abuse to cope with the desperation that they feel.

The Solution

Fortunately, there is still hope and there are many steps you can take to prevent money worries taking over your life. Try to focus on improving your mental health by exercising and spending quality time with friends and family. You should also make a long-term financial plan, as it’s the best method to navigate your way out of debt. Set yourself a monthly budget and stick to it. If you are a graduate, you could also consider refinancing your student loan to alleviate some of the financial pressure. An influx of cash can help boost your morale by easing some of your financial worries. 

A student loan refinance can help you destabilize financially so that you can start to think more clearly about how you want to move forward in life. If you are still feeling lost, it’s best to talk to a financial advisor who can help you make sense of the situation and create a path that will take you from where you are now to a life where you are financially stable. If you need assistance with your mental health, it is recommended that you speak with a licensed therapist. 

It is understandable if you feel anxious about consumer debt, but there is no reason to despair. Help is available. Rather than trying to tackle all of your issues alone, reach out to qualified professionals in your area who can help. It may sound too good to be true, but it’s definitely possible to improve your financial situation, regain control of your life around and prevent consumer debt from affecting your mental health.