Psychology of Debt

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If you are currently experiencing crushing debt and you’ve noticed that it’s affected your mood, your quality of sleep, and even your health, there could be legitimate reasons for this. Perhaps your financial situation has led to lost sleep or insomnia. Perhaps you’re even experiencing symptoms of anxiety or depression for the first time in your life.

According to Amy Morin, an author and psychotherapist who wrote an article published in Psychology Today, “Research shows there’s a clear link between your financial health and your mental health and your debt may serve as a tangible representation of your psychological state.”

Morin goes on to say, “Researchers from the University of South Hampton examined 65 studies and mental health. Their report, which was published in Clinical Psychology Review, found a correlation between mental illness and financial problems.”

Debt Can Harm Marriages & Families

Debt isn’t only associated with mental illness, studies have linked financial problems to drug and alcohol abuse, and even suicide, according to Morin. Of course, we can’t ignore the fact that thousands of marriages have buckled under the pressure of overwhelming debt. If your marriage is being strained due to debt, check out How Financial Problems & Stress Cause Divorce by Seth Myers Psy.D.

In his article, Myers says, “If you know that money management is a true problem, you must confront the issue head-on immediately,” and we couldn’t agree more. Surely, countless marriages and families could have been saved if the spouses paused and decided to tackle their debt-related issues by filing bankruptcy, before it was too late.

Whether you’re single or married, if you notice that your debt is affecting your mental, emotional or physical wellbeing, or if it’s affecting your relationships, it’s time to look for solutions. Often, filing for bankruptcy is far better than watching your health, your friendships, or your marriage decline. If you need more information on how debt can affect mental health and marriage, we encourage you to follow the links included above.

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