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Don’t underestimate the effect of your debt on your mental health

On Behalf of | Nov 9, 2022 | Bankruptcy

If you’re seriously in debt, you know the toll it takes on your lifestyle, your credit rating and even the ability to provide the necessities for yourself and your family. However, you shouldn’t minimize the effect that falling deeper and deeper into debt can have on your mental health.

One survey of people with significant student loan debt asked about the effect of that debt on their emotional well-being. These were among the troubling findings:

  • The vast majority (90%) reported that they experienced anxiety over their debt.
  • More than half (53%) said it caused them to feel depressed.
  • Over 6% said their debt had given them suicidal thoughts.

While student loan debt is just one kind of debt – and one that’s not easily discharged in bankruptcy – the emotional issues it creates can apply to virtually any kind of debt if it’s too high for people to see a way out of.

What can you control?

With all of the economic headwinds Americans and people around the world are facing, it’s easy to feel overwhelmed by it all. Further, many people’s self-worth is tied to their net worth.

Many aspects of our financial well-being are out of our control. We can’t change the price of groceries or gas. We can’t do anything about a serious injury or illness that creates unexpected medical debt. However, bankruptcy is one way you can take control of your debt. Even if some of your debts (like student loans) aren’t dischargeable, many other debts are.  

By taking control of this aspect of your life, you can lift a huge weight off your shoulders and focus on moving forward with a budget and financial plan that works for you. By seeking legal guidance, you can better decide the best course of action for you.

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