Reasons Why People Who Are Suffering From Debt Have Poor Mental HealthSubmitted by Blue Mountain Investment Management LLC on September 22nd, 2020
Psychological & Financial Distress:
There is no doubt that both psychological and financial stress compliments each other, however, it is not favored to be the best duo. Mental health is such an important aspect to cover throughout our life because its significance fathoms out people’s abilities towards situations that may harm their mentality. It is a topic that is usually viewed negatively, but the harsh reality of it is that even if a person was to be successful-- if their mental health is unstable then that person will be facing inner challenges that cannot be treated easily.
Researchers have found that people who experience depression and anxiety in their everyday lives are three times more likely to be in debt. Usually in these situations, it may lead to an individual potentially harming themselves or worse, thoughts of suicide. Mental health related to finances is a very important topic to discuss aggressively to help financial debt strugglers get through it or at least cope with it.
Psychological distress is a state of emotional suffering associated with stressors and demands that are difficult to cope with in daily life. Financial distress is a term in corporate finance used to indicate a condition when promises to creditors of a company are broken or honored with difficulty.
Life Feels Suffocating And Dull
You may realize that your life is going downhill and this is affecting your patterns when it comes to work, leisure time, family, etc. Maybe you feel like life is becoming out of control lately and you do not know what to do. If you are a person who is drowning in debt and see continuous patterns of sadness, loneliness, and depression-- you are harming your mental health.
Mental health includes our emotional, psychological, and social well-being. It affects how we think, feel, and act. It also helps determine how we handle stress, relate to others, and make choices. Mental health is important at every stage of life, from childhood and adolescence through adulthood.
Everyone goes through hardships in their life. It is always easier to avoid and set aside problems because we simply do not want to deal with them. However, life is a psychological game-- the more we put off the important things, the more damage it will leave in the long-run and in this case it is your health.
It is understandable that a person would want to forget they had any debts because it does a number of harmful things to your body. 1) hurting your mentality 2) not properly being hygienic meaning lack of grooming 3) lacking sleep and more.
Stress-Relievers: Good or Bad?
Stress relief outlets can be viewed as a great way for a person to feel at ease or be distracted from a problem. However, when it comes to your mental health-- stress relief outlets should not be recommended because as time continues, if a person has not solved their financial debt in the beginning it will harm your short-term actions immensely in the future. The list below are reasons why, specifically tying it to financial debts:
- It will hurt you more in the future
- Makes the debt situation more stressful.
- Personal reputation and image may be jeopardized
- Retail Therapy may feel good now, but will add on to debt expenses being owed
For example: A woman may be going through financial debt which caused her mental health to plummet. She hardly sleeps and always stresses out on how she will manage her daily living expenses as well as owing a lot of money to creditors.
She disregards her debts and goes on a retail therapy spree at the mall and buys a pair of shoes at $2,500. In the beginning she may feel happy with her purchase, but later on she will be experiencing more stress because of her lack of priorities.
Decreased Energy Levels
A decline in mental health often means poorer quality of sleep, increased feelings of fatigue, and more trouble staying on task.
All of those things make it much more difficult to think about paying off debt--let alone take action. And it’s hard to create a plan for the bigger overall picture when you aren’t in the right state of mind.
When you are space down, your brain will recall all the other times when you felt similar feelings--and those just might be the lowest points in your life. Quite often, emotional wounds that never healed get reopened as your mental health declines.
Steps On How To Improve Your Mental Health
1. Taking care of your body with adequate sleep, nutrition, and exercise.
2. Socializing with people who will support you and not criticise you.
3. Engage in new hobbies or activities that you find interest in.
4. Spending time working on yourself, such as managing your debts, money transactions, and other things that may concern your mental health.
5. Seek guidance from a mental health therapist.
There are many reasons why a person may deny that they are struggling with mental health issues, but financial debt is usually the most common one. It is not a weakness to feel vulnerable when others make negative comments. It is okay to acknowledge the help you need in order to live a more carefree life in the future. Increasing awareness is important, especially with real life dilemmas that deal with money.