The Emotional Effects of Debt

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No matter what the reason for your debt is, borrowing money has emotional effects. There are several emotions one would feel and they can affect people in various ways. Here is the emotional effects debt will bring:

Denial

Some people are in denial when it comes to their debt. They underestimate how much they owe and would open a new credit when they maxed out the previous one. They would ignore bills and calls from collection agencies, believing everyone is in the same boat. Ignoring reality may provide temporary relief but this will lead to more debt in the future.

Stress

When your debt is looming and you can’t pay it, stress will quickly settle in. Stress will affect your emotions, physique, cognition and behaviour. You may become lethargic and prone to sickness. Not only does it makes you pessimistic, but it also hinders your ability to focus and makes you exhibit nervous behaviour.

Anxiety

People struggling with debt are more likely to suffer from anxiety. It will manifest in one’s physical wellness, like lack of sleep or inability to focus. Anxiety will make one feel hopeless and cause low self-esteem. Sometimes, it leads to further financial difficulties because to escape anxiety, some people may splurge.

Irritation

Serious debt will lead to irritation and resentment, affecting relationships with family and friends. Resentment caused by debt is why some couples may divorce. Resentment and irritation will lead to arguments, and frequent arguments would lead to a strained relationship.

Regret

Anyone struggling to keep their head above water because of debt is sure to feel regret. Feeling regret is the result of poor financial decisions.

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