Breaking

Friday, May 31, 2019

The Mental Health Conditions May Have Financial Costs

The Mental Health Conditions May Have Financial Costs: Debt will have some serious effects on your mental health which is why you should manage your debts well to keep it within your control. However, debt can cause some issues at the slightest opportunity given to it by you.

The Mental Health Conditions May Have Financial Costs


Typically, when you leave debt on its own it will surely cause mental health issues. It will very soon spiral into a dangerous and vicious cycle which will keep you occupied most of the times with several things such as:
  • Looking for ways out of it,
  • Going through different reviews such as debt consolidation and debt settlement reviews,
  • Weighing the pros and cons of each and select the best possible option.

You will not be able to focus on other important aspects of your life and business and most importantly, you will start to ignore your health. This will further aggravate the situation and make your health, your finances and your debts worse.
Therefore, the best way to eliminate all these possibilities is to boost your financial health and in turn promote your overall wellbeing.

Debt And Mental Health

People often wonder about the correlation between debt and mental health. They seem to find no valid reason and evidence that debt can negatively affect the financial as well as physical health of a borrower. They feel that it certainly does not have any effect on the mental health.
However, they are far from the truth. According to a recent in-depth study report published by the Journal of Consumer Research it was seen that:
  • Debt can take financial health as well as the overall health of a borrower significantly down.
  • The study also found that the apparent financial health is ideally the key predictor of the overall wellbeing of a person.
  • It says that a person in debt is three times higher at risk of developing health issues as compared to those who are not in debt.
This establishes the correlation between debt and mental health and the likelihood of experiencing mental health issues.

The reasons behind

Now that you are somewhat convinced about the relation between debt and mental health, you may wonder why on earth it happens so. Well, there several economic as well as non-economic reasons for debtsaffecting your mental health negatively.
Firstly, unfortunate as it may seem it is true that typically in any given society no one talks about a person in debt very kindly. This fact is corroborated by different licensed mental health counselors as well. Usually, in society, these people are labeled differently such as:
  • A failure
  • An immature
  • An impulsive
  • An inconsiderate and the list go on and on.
Mental health counselors say that in such conditions these debtors feel demoralized and they find the easy way out to internalize such feelings. This creates a part of their overall identity and they react unreasonably most of the times depending on such labels that are often and actually self-imposed.

Health Advisors Believe That:

  • These people do not realize or admit the fact as “I am in debt” but typically translates it into “I and a total failure.”
  • This affects the minds of these people and usually results in negative introspection and analysis.
  • With such wrong solipsism, things become too difficult for them and they fail to take the necessary and feasible actions to eliminate debt.
All these lead to serious mental health issues such as depression, anxiety and even heart diseases and strokes.

A vicious cycle

When people in debt suffer from mental illness it contributes to their financial stress and make matters worse. There are also several studies conducted on these issues that show how people struggling with debt suffer from mental illnesses of different kinds and foms such as:
  • Stress
  • Depression
  • Anxiety
  • Addiction and other dire issues.
Such type of mental state worsens their situation and they are found to be struggling more with their debts falling into its vicious cycle, considering the fact that one in five US adults suffer from some kind of a mental health condition due to debt.
Studies also reveal that a person already struggling with stress, anxiety and depression is more likely to take on more debts due to several reasons such as:
  • They take on to impulsive buying
  • They use their credit cards more often than they should and can afford to repay on time and
  • They find it harder to take any action to eliminate their debts due to the continual effects of depression and anxiety.
In such situations the financial stress of debt will surely exacerbate thepre-existing mental health conditions of these people in debt who are taking on more then and thereby helping the vicious cycle of debt to start all over again.
According to a recent article on the links between financial, physical and mental healthpublished by Forbes it is even found that people in debt can even feel symptoms that are very much similar to PTSD which is most often caused due to financial stress.

Summing it up

Summarizing their report they say that all those people who have worked or are still working through financial stress are sure to experience such mental state that compels them to consider debt as a burden that they feel like they can never escape or come out of. According to the National Alliance of Mental IllnessNAMI it is said that:
  • Mental illnesses faced by the people struggling with debt typically hold them back in all walks of their life, professional or personal. It results in holding a job down, inferior managing skills of bills and other financial jobs.
  • They also say that this costs the American economy about $193 billion every year as lost earnings.
  • In addition to that the cost of medication, therapies and other medical costs incurred  by them who suffer from debt stress and depression further results in economic losses.
Medical health counselors, licensed clinical psychologists and other experts all corroborate with it and agree in unison that mental health conditions have a very high financial cost.