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How the stress of unresolved debt can affect your mental health

On Behalf of | Mar 22, 2024 | Chapter 7 Bankruptcy

Debt is an issue for most Americans. In fact, one study has shown that as many as 77% of Americans are dealing with some sort of debt, with 54% of adults experiencing stress as they try to find a way to get a handle on their debt obligations.

More than half of Americans even say that debt has led to disagreements with their loved ones, sometimes even resulting in divorce. When debt becomes overwhelming, then, individuals can experience anxiety and depression, suffer from sleep disturbances, and fall into social isolation.

If you have debt that you’re struggling to get a grasp on, then we want you to fully understand the toll that your struggles are taking on your mental health. That’s why in the rest of this post, we want to assess how the impact of overwhelming debt presents itself.

That way you’ll hopefully be better equipped to recognize the harm of carrying excessive amounts of debt is causing to you. If you’re experiencing mental health struggles, though, we encourage you to seek out mental health treatment.

The signs of debt-related stress

Nearly everyone has experienced debt at some point in their life. But some have to cope with insurmountable debt, with fear and uncertainty shrouding their everyday lives. If you feel like you’re in that position now, then you should be on the lookout for the following signs that your debt obligation is taking a toll on your mental health:

  • You’re regularly stressed about your debt: It’s one thing to have debt that you think about as monthly payments come due, but it’s something else completely to be consumed by the stress of your debt on a daily basis. If you fall into the latter group, then you’re at an increased risk of developing mental health issues like anxiety and depression. You’ll also probably lose sleep over your situation, which can lead to additional health issues.
  • You have low self-esteem: Falling behind on your debt can make you feel like a failure, even when you’re not. This is especially true when you work hard to try to get out of debt but simply fall further behind. If you suffer from low self-esteem because of your debt, then you’re more likely to isolate yourself from your family and friends, which can foster other mental health issues. Just know that you’re valuable and aren’t defined by the debt that carry.
  • You lose interest in the things you love: A common sign of depression is that you lose interest in the things that you love to do. So, if you’re suddenly uninterested in doing anything, then you’re probably stuck in your self-doubt and fear, weighed down by anxiety and the uncertainty of your future. This is an unhealthy way to live.
  • You’re feeling like the world would be better off without you: If you have these thoughts, then you should seek immediate mental health treatment. And remember, you’re feeling this way only because of your current situation, which is something that you can take control of and free yourself of. If you or someone you know is considering suicide, then call 9-8-8 immediately to reach the Suicide and Crisis Lifeline.

Take control of your future through bankruptcy

As you know, the toll taken on you by overwhelming debt can be crushing. But you can act now to find the relief you deserve. Simply learn more about the bankruptcy process and what it can do for you. A Chapter 7 petition, for example, may help you shed your outstanding debts while protecting exempt property to give you stability as you secure a fresh financial start. Personal bankruptcy truly can give you a new lease on life.

So, if you’re ready to learn more about how bankruptcy can help you, then please don’t hesitate to read through our bankruptcy webpages and seek out answers to any lingering questions you might have.