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How can debt affect your mental health?

On Behalf of | Jun 23, 2021 | What Bankruptcy Can Do |

While many Americans face high amounts of debt, you may feel like you cannot escape from the burden. According to CNBC, people use side hustles and freelancing to pay off large debt amounts. The problem with burning yourself out over debt is the effect that it has on your mental health. 

To handle stress, many people may choose comfort shopping and that compounds the problem. 

The stress of paying off debt

When under the stress of debt, you may feel anxious or depressed. You may put a lot of value on your financial health, but you need to remember that your debt does not reflect on you personally. To pay off debts, you may become so focused on paying that you do not remember to reward yourself or to have fun. Debt can make you feel like your falling apart. If you do not take care of yourself, then nothing will work. 

The restrictions of paying off debt

You have to recognize what you have the ability to do. If you can cut out excessive expenses, but you cannot put a dent in your credit card debt, then you may have to accept that you cannot cut down any further. Try to contact lenders and loan services, if you can, to ease the burden but remember that the world does not end if you cannot pay off debt. Financial counseling and bankruptcy become an option that can relieve you of your stress. 

Debt should not hold you back from living your life. You do not deserve to live in a cycle of regret overspending.