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Debt & Depression: 4 Things You Need to Know
What is the Connection Between Debt and Depression?
It may sound obvious, but there is a definite connection between carrying debt and being depressed. One can seem to compound the other. Read on to learn more about the relationship between debt, depression and stress, and what you can do to combat stress and depression while dealing with debt. Stress is cited as a cause for many adverse symptoms including anxiety, body pain, headaches or migraines, depression, fatigue and more. While some forms of stress may be considered healthy, the forms of stress here refer to those that cause distress and do not add value to one’s life.
Being in debt can create a reaction in the body. Stress reactions can lead to depression, and they are the cause of the symptoms related to debt stress. If you’ve experienced any of the above symptoms in conjunction with your debt situation, now is the time to take a step back and look at how money is causing so much distress in your life. Here are some of our favorite tips for dealing with financial stress.
How to Combat Debt-Related Depression
Eliminate the “credit delusion”
If you’ve just signed up for a new credit card, you’ve just signed up for a new (potentially large) monthly bill. Freedom comes from having fewer credit liabilities, not more. If you’re trying to reduce the sadness finances are creating in your life, stop looking at credit as a safety net. If you receive a new credit offer, put it directly into the shredder.
Honestly appraise your situation
Are you deeply in debt? What’s the dollar amount of your debt?
If you’ve got some vague idea that it’s just “a whole lot,” then you’re not in a place to take actionable steps to make the situation better. Begin with the simple admission that “my debt is a problem.” The good news is, there’s help and advice available.
Beyond knowing what you owe, you should better educate yourself about debt and your current financial situation. At CreditGUARD, our library of education materials is here to help you learn more about how to manage your finances and take control of your financial future. Creating a budget, curbing your spending and focusing on repairing your situation are just a few things you can learn how to do today.
Speak to a professional
If you’re experiencing particularly severe symptoms, you should visit a medical doctor, psychiatrist or counselor. For help with managing your debts, understanding your financial options and to begin creating a plan of action, contact one of the certified credit counselors at CreditGUARD today. You’ll feel more at ease knowing that someone who understands finance has your back and is there to help you move forward.