Studies have shown that your financial health can impact your mental health. Sometimes debt is taken on with an attitude that you easily pay it off later. Whether this is true or not, the reality is you have a responsibility to pay back the money you owe. Until your debt is settled, only until then, can you return to a healthy financial health, and mindfulness.
How Your Financial Health Affects your Mental Health
Based on an article from Psychology Today, researchers say that individuals in debt are three times more likely to have mental health problems. In addition, researchers found that having an unhealthy financial state was heavily associated with being dependent on drugs and alcohol.
The connection between financial health and mental health is more apparent with short-term debts. Individuals with long-term debts, like mortgages, showed lower levels of psychological distress compared to those who rented. But, it is interesting to point out that high levels of stress were still present if the individuals with mortgages encountered a financial problem.
The Other Affects of Having Bad Financial Health
Some of the mental health problems experienced include depression, anxiety, and psychotic disorders. Depression is strongly connected to short-term debt. The study found that individuals who are unmarried, reaching retirement age, and less educated, were most susceptible to the health issues associated with being in debt.
There is also the case where stress caused from being in debt, pushes you even further into debt. One situation can be that spending more money provides some short-term comfort from the reality of being in debt. Another situation can be that the stress from being in debt, negatively affects your attitude and how you approach others, which can make it difficult to find a job.
How to Make Yourself Financially, and Mentally Healthy
Being in debt can prevent you from enjoying life to the fullest. If you find that you are struggling with payments and that your debt is overwhelming, you should find help. Professionals like Licensed Insolvency Trustees are here to provide you with financial assistance. It is in their best interest to make sure that your are out of debt and financially secure.
We are Licensed Insolvency Trustees with the knowledge and experience in addressing the financial issues mentioned above. Our expertise can address any financial challenges you may face, including managing credit and most importantly finding a way to reduce or eliminate overwhelming debt.
If you need help, contact us by emailing firstname.lastname@example.org or call us at 416 736 4357 (HELP). You can also book a free consultation with no obligations by filling out the contact form on our home page.
Make an appointment today for a custom-tailored solution specific to your situation. We look forward to assisting you.