Debt fatigue is the emotional and mental exhaustion you can experience when constantly dealing with debt and its burdens. It’s the feeling of frustration when dealing with long term debt, especially when juggling multiple debts or carrying a debt for a long time. Debt fatigue affects people in various ways. Here are its impacts:
Emotional and Mental Strain
Debt fatigue can lead to anxiety and stress. Constantly worrying about payment, interest rates, and how the debt affects finances will affect the person emotionally and mentally.
People experiencing debt fatigue may start losing motivation. Having to pay multiple debts or shouldering a long term debt may become overwhelming.
People with debt fatigue will find it difficult to make financial decisions. This situation is called decision paralysis. Making financial decisions becomes overwhelming due to the financial burden they carry. This leads to indecision or inaction.
Debt fatigue often leads to the feeling of being trapped. The person could feel stuck in a cycle of debt, especially when the progress is slow.
Debt fatigue may complicate your financial, emotional and mental well being. That’s why it’s important to find a suitable solution to paying off your debts.
If debt fatigue is completely overwhelming your daily life, you can seek assistance from professionals. Financial counsellors or therapists can provide guidance, support and strategies that will help you cope with debt fatigue.