How Crippling Debt Can Lead to Depression

In July 6, 2018

How Crippling Debt Can Lead to Depression

Financial stress can be a major contributor to emotional issues because it can cause persistent feelings of worry and hopelessness. People with serious debt can end up suffering from depression because they can’t see a way out of their financial problems. Studies have shown that people with debt tend to suffer higher rates of mental illnesses like depression and anxiety compared with people that are debt-free.

People with debt have been shown to suffer from issues like insomnia, higher blood pressure, weight gain, headaches and other problems that are often associated with depression. One of the reasons that debt can cause stress is that people avoid dealing with it or don’t know how to make progress in paying it off. The more they avoid the situation the more stressful and upsetting it can be.

Crippling debt can build up over time because the individual has not been able to take steps to reduce it. They might avoid looking at their credit card bills or student loans which creates more anxiety around their finances because they feel afraid. People can also accumulate debt because they tend to shop when they are feeling sad which can cause the problem to snowball as they develop symptoms of depression.

The best way to cope with depression-related to debt is to find manageable ways to start paying off loans and credit card bills. Making the minimum payments is a good start and then adding any extra money that you can to the debt with the lowest balance or with the highest interest rate can help you pay off each debt over time. As people feel that they are gaining more control of their debt problems and working to resolve them they most likely will experience less anxiety and depression regarding their finances.

By Dr. Reuben Vaisman-Tzachor

Primary Therapist