Worry is the interest paid in advance on a debt you may never owe!
Do you know millions of Americans are currently having mental problems due to debt? Short statistics is enough to help you to understand the significance of the quote written above. Almost half of the American adults (45%) are suffering from mental health issues and worry; as reported by the Kaiser Family Foundation Poll. What is the reason behind this sudden stress? Fear of losing a job due to Corona pandemic and more than that how to pay off the debt when the job is lost?
In this article, the intention is to help you to realize what are the symptoms and psychological effects of being in debt? Not only that, but some easy tips will also be provided on how to stay mentally fit while carrying the demon (debt-burden) on your shoulder. The amount of debt has never been the matter. More than the amount of debt, what pressurizes us more is the anxiety. We fall into stress regarding how fast we can pay off the debt or what happens if we lose our job then how can we repay the debt?
Have a look at 3 major psychological effects you may have to accept while you’re in debt.
1. Fear will be your all-time companion
With the debt-burden, you will get an automatic companion, that is fear. Fear will always control your mind that you may have to face bankruptcy if you cannot repay your credit card bill. Debt collectors can harass you with threatening calls and by sending you abusive letters. The corona pandemic has made us a little bit more fearful of debt than the usual time.
2. Frustration may bring in your life depression
Frustration only comes to your life when something goes beyond your control. For the majority of Americans, debt is their main cause of frustration. You may have made some credit card purchases while shopping, or going out for dinner. Later, when the credit card bill comes, the high-interest rate can be the reason for your frustration. The over-thinking about whether or not you can repay the bill on time can make you frustrated. From frustration, chances are you’ll feel depressed.
3. Humiliation in front of society
Debt also brings fear of humiliation in front of society. When the debt amount is relatively high then the concern always works in your mind, if you cannot repay the debt amount on time then chances are the debt amount will transfer to the debt collectors. They may call you during office hours or they may tell your relatives that you are unable to pay off your loan amount. In the case of a mortgage loan, the lender may seize your property. Then you may have to face humiliation in front of all in society. It is one of the psychological effects of being in debt.
Debt-related-psychological experts say these are the 3 mental illness issues that arrive while you are in debt. What is more, concerning fact is that the sudden COVID-19 outbreak has made the situation worse.
A man in debt is so far a slave.
Ralph Waldo Emerson
Yes, Mr. Emerson has truly said. There is nothing different about a slave and a debtor until he/she repays the debt and becomes free from the shackle. In this article, the motto is to give you some mental fitness tips while you are carrying a debt-burden on your shoulder.
Please read these 5 tips on how to lead a life for being healthy mentally.
Start living a healthy lifestyle
Remember, what you need most now is relaxation of mind. For this, starting to live a healthy lifestyle is truly necessary by changing your lifestyle. In the 24 hour format, start your day with a one-hour exercise routine. Eat a healthy breakfast, lunch, and dinner. Skip outside junk food, alcohol, and smoking. Sleep for at least 8 to 9 hours per day. Within a week, you will start feeling fresh by removing the debt-related overthinking from your head.
Take a session with a Credit Counsellor
Take help from the Credit Counsellors. A session with them may help you to solve your confusion regarding debt. The ACCC or American Consumer Credit Counselling can be the right choice to get help from debt problems. A session with a debt counselor means you will get a clear picture of your finances. Thus solving the debt problem may be easier for you.
Try to raise the confidence level within you
When you will start living a healthy lifestyle or will take a session with the credit counselor. Your confidence graph will itself take a surge. Very soon, you will realize you have found a solution to your debt problem all by yourself.
Search different debt-repaying avenues
In 2020, debt pay-off is no problem at all. Search the internet, you will find different loan repayment options. Like, if you have taken an unsecured loan or more than one loan then you can consolidate them. If you have taken a payday loan whose normal interest rate is more than 300% then payday loan settlement programs are available in the market.
Debt is a part of your life: Accept the fact
Still now, in our society, debt is not accepted as a part of our normal life. But you cannot deny the fact that from the time of our forefathers, debt has been a part of our society. Even in the Bible, there was mention about debts. So, shrug off your shyness, express that you are uncomfortable with debt. Talk to your trusted friends, talk to your partner, office colleagues, your parents about how to tackle the debt problem. You share your experience with them and try to learn from their experience in debt. It is the easiest way of staying mentally healthy despite piling under the debt burden.
Apply these 5 debt-tackling techniques in life. They will help you to stay mentally fit even after you are carrying the debt-burden in your shoulder. And remember one thing, most of us, Americans, acquire debt only because we do not have that much self-control on ourselves.
So, remember this quote when you are getting attracted to something that you cannot afford to buy.
Bad debt is sacrificing your future day needs for your present day desires.
Author Bio: Catherine Burke is a financial writer for online payday loan consolidation. She provides information on successful cash loans and payday loan consolidation to help people get over a difficult patch. She lives in Kansas and has earned a frame in the matter of payday loans.