Debt Can Be The Link Between Depression And Bad Health
Debt can lead to depressions which in turn lead to bad health. Both taken together can cause serious trouble in your life, health, behavior and above all to your financial freedom. Remember, both can spiral out of control if not attended carefully and on time. Depression is triggered by debt which is considered as the common stressor. Mental and money problems can be so severe that at times it can even lead to suicide. It has been found in research and studies that people who are in less debt enjoy better health conditions than their peers who are immersed in debt of different kinds.
Debt And Stress
When you are in debt and do not have a strategic plan to manage it properly, you are likely to take less care for your health. Stress and emotional distress steps in from here and will make you feel hopeless and helpless. You will lose your self-esteem, and all these will lead to depressions. According to the studies by the psychiatry and behavioral science department, these are the high-risk factors that lead to emotional distress in your mind. If emotional stress in beyond control, you will notice in behavioural changes like frequent mood swipes, irritation, quarreling with your colleagues and family members and much more.
Debt And Depression Are Related
The relation between debt and depression is intertwined. While debt can lead to depression, similarly depression can also lead to debt. You will agree that medical debt, credit card debt, student loan, mortgage foreclosure and even job loss can lead to depression. You will also experience anxiety and anger as well. Moreover, if you are the sole breadwinner, then not having saved for your retirement and facing the effects of high rate of interest on debt can lead to further depression. This might result in impulsive shopping resulting in further debt.
Debt And Depression Help
In such conditions, what is required most is proper guidance and help as you have to deal with both debt and depression at the same time. There are different types of help available for such conditions. You need not worry about such conditions when you face it as depression can be cured with some easy but disciplined steps. First of all, you have to admit that you have a problem and recognize it. You can take the help of a doctor in this case. Once done you may be suggested for different treatment strategies including medications, talk therapy, and support groups.
The Step To Follow
The other steps which you should follow is to make a proper budget and follow it strictly, know your rights before dealing with the debt collectors, contact creditors and do not avoid them. You can also contact a debt management or counseling agency, learn steps to repair credit, seek protection by filing bankruptcy in the ultimate situation. You can even check out for credit consolidation loans which is a great option in today’s time in order to deal with your debt issues and make them easy for yourself. At all times you should be careful about scam agencies that will promise a quick and easy fix to the problem, which can never be given.