The average American has $38,000 in personal debt. Whether you have student loans or a mortgage to pay off, it can have a tremendous impact on your mental well-being.
Worrying about taking care of debt, especially a huge amount, can easily consume you. This, in turn, may significantly impact your life.
Do you have debt and depression? Read on to find out more about how to turn your life around for the better.
What Are the Main Causes of Debt?
In 2019, consumer debt reached an all-time high, with the overall debt growing 19% from a decade ago to $14.1 trillion. So if you’re worried about what you owe, chances are, you’re not alone.
The main causes of debt in America include mortgages, auto loans, student loans, credit cards, retail credit cards, personal loans, and home equity lines of credit (HELOCs). All of these (with the exception of student and personal loans, as well as HELOCs) have hit record highs in 2019.
Plus, medical bills are pretty high in the US when compared to other countries. For those of you who haven’t been in great health, medical debt may be piling up as well.
This can affect you twofold. Not only are you accumulating a lot of medical bills, but your health issues may be so serious that you can’t work, which means you can’t pay off your debt either.
So if you’re like many other Americans, you may have debt in more than one area, maybe even all of the above. Being in debt can be a real burden on your shoulders, especially if you’re carrying it alone.
Worrying about your finances when dealing with crippling amounts of debt can end up taking a huge toll on your mental well-being.
Debt depression is a real thing, as well as debt anxiety.
For one, there’s a social stigma about debt. If you have anything but a mortgage or student loan, and the amount is large, it’s viewed as irresponsible.
So when living with debt, you might feel ashamed and as if you’ve failed yourself. You might wonder if your life will ever turn around so you can live debt-free. With this negative mindset, it’s easy to spiral into depression.
In addition, if you live paycheck to paycheck, or earn a salary that doesn’t allow for much wiggle room, it can be frustrating and concerning.
How are you ever going to eliminate debt if you barely have anything leftover from your paychecks? How can you start whittling down this debt when the interest rates are so high?
Constantly worrying about your finances can lead to anxiety. This, coupled with depression, can really affect your quality of life. Not to mention, it may also affect your relationships.
Can Debts Be Written off Due to Mental Illness?
For some people, the depression and anxiety that come with debt can be so crippling that they’ll likely never get out of it if nothing changes. Unfortunately, in America, there is no program for you to get your debts written off due to mental illness.
However, one thing you can seriously consider is debt consolidation. This is where you gather up all of your credit card debt and roll them up into one single debt.
In addition, it usually comes with a pretty low interest rate. At the very least, it’s much lower than what you had on each credit card.
This makes things a lot easier to manage, which can take a lot off of your already full plate. Debt consolidation can mark the beginning of your new life.
If you believe you have depression and/or anxiety, it can always be beneficial to seek counseling. Studies have shown that psychotherapy is better than medication in the long run.
Of course, if your depression and anxiety are bad enough, prescription medications can certainly help. Your counselor can assess the situation and give you a referral to a psychiatrist if necessary, so you can get the prescription(s) you need. But without counseling, these are just band-aids that don’t really get to the root of the problem.
With a professional therapist, you can navigate your mental health issues, discover what possible triggers are, and also learn healthy ways to deal with stress. You can pick up some valuable life skills that can be applied to a myriad of other scenarios you’ll likely encounter in the future.
Not only should you seek psychological counseling, but you should also consider financial counseling too. Debt consolidation is great, but if you don’t gain the right financial knowledge and skills, you’ll just fall back into crippling debt.
Say “no” to repeating the cycle. Enroll in financial counseling and read up on managing money (and debt) to ensure you get the most out of every dollar you earn.
When you can take care of both your mental well-being and finances, it can vastly improve your outlook on life. You may find that debt depression and anxiety will naturally melt away once you feel like you have control over these elements again.
Don’t Let Debt and Depression Get to You
While debt and depression (as well as anxiety) can become overwhelming, it’s not a permanent thing. No matter how hopeless things may seem, always know that you can turn things around, especially if you get the help of someone like Debthunch.
We’ve done all the research for you so you get the best debt consolidation solutions that are available. By signing up for debt consolidation, getting into counseling (both psychological and financial), you’ll have a much brighter future. Not only will you live with less debt, but also fewer mental health issues, once you learn wholesome ways to cope.
Would you like help with your debt? Then get in touch with us now. We can give you offers instantly!