$20.00
Get a Pre (free) Copy
Request a free exerpt of this ‘book-in-progress’ which provides an in-depth look at how debt stress is a disease which can be linked to a number of mental health issues.
Here is how debt affects mental health.
Stress
It’s the opposite of denial. Debt and stress are like co-joined twins; money trouble on one side, tension, and strain on the other. The strongest predictor of financial strain? You guessed it: Credit card debt. Stress manifests itself in obvious ways – lack of sleep, loss of focus, nagging worry.
Depression
After denial and after anger, hopelessness sets in, along with low self-esteem. That can lead to even more debt since sufferers sometimes try to relieve their depression by treating themselves to a shopping spree or some other mental getaway. Depression does not discourage impulse spending; in fact, it has the opposite effect. But all that does is lead to more debt, which leads to more depression and despair.
Anger
The medical world has a name for this phenomenon: Debt-Anger Syndrome. Victims get mad at creditors who continually send them bills; mad at the mailman for delivering the bills; mad at their bosses for not paying them more; mad at their spouses for not making more money; mad at their kids for needing new braces; and mad at themselves for getting into this fix. This not only can ruin relationships, but the physiological effects can lead to issues such as migraines and heart disease. They can also reduce your resistance to infections.
Anxiety
In this context, anxiety is the physical manifestation of stress: a rapid heartbeat, shortness of breath, dry mouth, a headache, and the shakes. It’s stress with the scab torn off. The National Institute of Mental Health estimates 40 million Americans suffer from anxiety. Financial worries are a massive trigger.
Denial
Many consumers continue to spend compulsively with no consideration given to their deteriorating financial condition. They put off dealing with problems until some outside event – credit denied, threat of foreclosure, legal action, harassing phone calls from debt collectors – forces a change. Meanwhile, interest charges and late fees pile up.
Useful resources to help increase your education on Debt Disease.
Source of information: www.debt.org