The Emotional Impact of Debt

Like a bad habit, debt is something that is easy to acquire but painstakingly difficult to get rid of.

People can end up finding themselves shackled by debt for a variety of reasons. A “buy now, worry later” attitude can lead someone to frivolously amass debt as they make spur-of-the-moment and unnecessary purchases. Debt can also be accumulated out of necessity, such as to survive a sudden job loss or medical emergency.

Whatever the reason for the existence of debt in a person’s life, the emotional impacts of debt can be devastating and long-lasting.

The Emotional Fallout of Debt

Historically, people who were indebted and unable to pay their creditors could find themselves sentenced to live in a debtor’s prison. The imprisonment for today’s debt-sunken individuals takes more intangible forms that are nonetheless very devastating and life-altering.

• Debt-related stress: Having overwhelming debt hanging over one’s head can be a profound source of stress that taints every aspect of life. Like the proverbial shadow, debt can haunt every waking moment and significantly increase the presence of mental and emotional stress in one’s life.
• Debt-related depression: Many who struggle under the burden of debt find themselves depressed as a result. Feeling helpless to get rid of overwhelming debt, having one’s spending freedom hampered by the income drain of high minimum payments, and being blocked from obtaining financing for things like a home or new car can all lead to experiencing feelings of hopelessness and depression.
• Debt-related guilt: Feelings of guilt can also haunt those who are profoundly indebted, particularly if their debt is affecting their family members. Many who struggle under a burden of debt are eventually forced to seek financial help from loved ones, which can put those loved ones in a financial bind of their own. Indebted individuals may also have to watch children and spouses suffer deprivation because of the financial toll their indebtedness has taken on the family income.

Finding Your Way Out of Debt

Avoiding debt in the first place is obviously the best course of action, but for those already steeped in debt, making a plan to get out of it as quickly as possible and then putting that plan into action are the first steps toward finding light at the end of the financial tunnel.

When you need help navigating your way out of debt, the experts at CashMax are here with a variety of loans and quick cash options that can help you get back on track. Come in and see us today!