Mental health can be seriously affected by money worries, how can you manage the wide spread effect of debt?
Effects of Debt
Debt can negatively affect your credit score and stop you from obtaining new types of credit such as a credit card or a loan. It can prevent you from buying your dream home or getting approved for a new tenancy agreement. However, alongside the financial effects of debt, its consequences can affect your physical and mental wellbeing.
It’s well known that money worries and mental health go hand in hand. Many people with debt problems also have mental health conditions, including major depression and anxiety. The worries of debt and persistent creditor contact can also result in stress, which if left untreated, can cause further problems such as difficulty sleeping, extreme anxiety, muscle tension, chest pain and irritability.
Being in financial difficulty can also reduce recovery rates of those who already suffer a mental health condition and make treatment less effective.
The Effects of Debt on Relationships
Relationships can also suffer at the hands of debt. Debt routinely causes arguments between partners and can cause relationship breakdown due to decreased positive communication, increasing mistrust and blame. Others tend to hide their debt from their partner. This can cause feelings of guilt and shame to manifest, which may further hurt their mental health.
How Can Debt Movement Help You to Manage the Effects of Debt?
At Debt Movement, we understand the problems that mental health issues can cause when it comes to managing debt and planning budgets. Things can get very quickly out of control, making you feel helpless. We are here to give you the friendly and impartial guidance to take your control back — and we will help you every step of the way.
If you are struggling with the effects of debt and mental health issues as a result, contact Debt Movement for free today. Our team have helped over 28,000 people begin their journey to financial freedom and they could help you too.