How does one feel when his debts are high
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Whether it’s considered “good debt” or “bad debt,” the truth is, any debt can cause serious emotional effects. Studies show what many of us already know: Debt is about much more than money. Being in debt can lead to a number of other emotional and psychological issues.
Depression and Anxiety
Dr. John Gathergood of the University of Nottingham studied the correlation between carrying debt and any depression and anxiety associated with it. In that study, Gathergood found that those who struggle to pay off their debts and loans are more than twice as likely to experience a host of mental health problems, including depression and severe anxiety.
Anxious feelings can arise with an array of triggers, such as constant worry about money, experiencing immense feelings of being overwhelmed with no end in sight, and hopelessness. The study also reported that 29% of people with high debt stress also report severe anxiety.
Resentment
Debt is rough on anyone — especially when it encroaches on your marriage, partnership, or family. A spouse or partner may resent the other as a way of coping with debt. It isn’t uncommon to blame your partner for coming into the relationship with more debt, losing a job, or not making enough money, or spending habits that may have led to debt.
In fact, arguments about money are the top predictor of divorce, according to Sonya Britt, assistant professor of family studies at Kansas State University. The Royal College of Psychiatrists also concluded that large amounts of debt have severe effects on a household’s psychological well-being.
It’s not just our significant others that become targets of resentment. You might also resent your employer for not paying you enough money or not giving you a raise. You might resent family members or friends that are financially dependent on you, or are otherwise affecting your financial health. If you’re a young college graduate, you might start to blame counselors and parents for not fully explaining the effects of student loans.
And in reality, many opt to resent themselves and the decisions they made that led them into debt. Whether it was excessive spending, opting out of health insurance, a poor career decision, or something else, it isn’t uncommon to look back with regret.
Stress
Debt and stress go hand in hand. With a mountain of owed money weighing on your mind, it’s natural to worry about how you’re going to deal with that debt and whether you’ll ever get out from under it.
Having substantial debt can also increase your stress level at work, since a job loss would be even more catastrophic to your financial position. And anytime you’re required to spend money, even on simple things like food to eat or gas to get work, it may cause further stress.
Anger and Frustration
Debt is hard to accept regardless of our own personal journey into the red. However, it can be especially frustrating and infuriating when it was somewhat beyond your control.
It’s one thing to be dealing with student loans in exchange for going to college and earning a degree. You may be dealing with debt from credit card purchases that brought joy to your life, such as vacations, shopping trips, and dinners out.
But it can be especially frustrating to deal with debt from unforeseen events such as a job loss, divorce, identity theft, a death in the family, major repair to a home or car, or unforeseen medical bills. In fact, 56 million adults are struggling to pay medical bills, and these medical bills are the number one reason people Americans for bankruptcy, according to a study by NerdWallet Health.
What’s more, the debt can serve as a constant, agonizing reminder of the negative events that brought it about in the first place.
Fear
You may grow to fear repercussions that sometimes accompany debt. If you’re struggling to make payments toward your debt, you may fear eviction or foreclosure on your home, bankruptcy, your utilities getting shut off, or debts going into collections.
You may also fear losing your job, or that some other unexpected twist, such as your car breaking down, is going to destroy you financially.
Debt can also lead to other fears: fear of what happens next, fear of never getting out of debt, and fear of how it will affect your relationships. A post-doctoral study at University of Wisconsin-Madison concluded that high debt levels actually contributed to reduced marriage rates among young adults.
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Depression and Anxiety
Dr. John Gathergood of the University of Nottingham studied the correlation between carrying debt and any depression and anxiety associated with it. In that study, Gathergood found that those who struggle to pay off their debts and loans are more than twice as likely to experience a host of mental health problems, including depression and severe anxiety.
Anxious feelings can arise with an array of triggers, such as constant worry about money, experiencing immense feelings of being overwhelmed with no end in sight, and hopelessness. The study also reported that 29% of people with high debt stress also report severe anxiety.
Resentment
Debt is rough on anyone — especially when it encroaches on your marriage, partnership, or family. A spouse or partner may resent the other as a way of coping with debt. It isn’t uncommon to blame your partner for coming into the relationship with more debt, losing a job, or not making enough money, or spending habits that may have led to debt.
In fact, arguments about money are the top predictor of divorce, according to Sonya Britt, assistant professor of family studies at Kansas State University. The Royal College of Psychiatrists also concluded that large amounts of debt have severe effects on a household’s psychological well-being.
It’s not just our significant others that become targets of resentment. You might also resent your employer for not paying you enough money or not giving you a raise. You might resent family members or friends that are financially dependent on you, or are otherwise affecting your financial health. If you’re a young college graduate, you might start to blame counselors and parents for not fully explaining the effects of student loans.
And in reality, many opt to resent themselves and the decisions they made that led them into debt. Whether it was excessive spending, opting out of health insurance, a poor career decision, or something else, it isn’t uncommon to look back with regret.
Stress
Debt and stress go hand in hand. With a mountain of owed money weighing on your mind, it’s natural to worry about how you’re going to deal with that debt and whether you’ll ever get out from under it.
Having substantial debt can also increase your stress level at work, since a job loss would be even more catastrophic to your financial position. And anytime you’re required to spend money, even on simple things like food to eat or gas to get work, it may cause further stress.
Anger and Frustration
Debt is hard to accept regardless of our own personal journey into the red. However, it can be especially frustrating and infuriating when it was somewhat beyond your control.
It’s one thing to be dealing with student loans in exchange for going to college and earning a degree. You may be dealing with debt from credit card purchases that brought joy to your life, such as vacations, shopping trips, and dinners out.
But it can be especially frustrating to deal with debt from unforeseen events such as a job loss, divorce, identity theft, a death in the family, major repair to a home or car, or unforeseen medical bills. In fact, 56 million adults are struggling to pay medical bills, and these medical bills are the number one reason people Americans for bankruptcy, according to a study by NerdWallet Health.
What’s more, the debt can serve as a constant, agonizing reminder of the negative events that brought it about in the first place.
Fear
You may grow to fear repercussions that sometimes accompany debt. If you’re struggling to make payments toward your debt, you may fear eviction or foreclosure on your home, bankruptcy, your utilities getting shut off, or debts going into collections.
You may also fear losing your job, or that some other unexpected twist, such as your car breaking down, is going to destroy you financially.
Debt can also lead to other fears: fear of what happens next, fear of never getting out of debt, and fear of how it will affect your relationships. A post-doctoral study at University of Wisconsin-Madison concluded that high debt levels actually contributed to reduced marriage rates among young adults.
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