Debt is often seen by those who haven’t been through it as a fairly straightforward problem – you’ve borrowed more than you can afford to pay back. In reality, though, this is a complex, multifactorial issue with many moving parts, each of which must be unravelled to get the individual back to baseline.
One of the most important elements to consider is the impact debt has on mental health, and how issues of the mind can help keep the cycle going.
In this short article, we’re going to take a look at the main mental pressures someone going through a personal debt problem faces, and what needs to be implemented to address these concerns.
1. Anxiety Issues
Anxiety and debt go hand in hand. It’s one of the first issues to present as someone spirals into debt, as it’s only natural to get stressed and worried when you’ve got a constant fear around paying your bills, buying food, and so on.
People going through this are constantly concerned with how they’re going to make the next payment and meet their deadlines, as well as about the fact that the interest will increase.
These worries can also affect someone’s sleeping routine, which then facilitates a worsened mental state, and the cycle continues.
2. Social Strain and Family Troubles
Social and family issues are another very common component of the debt-mental health axis.
People often find it very difficult to open up to family and talk about their problems, because they feel ashamed or that they’ll be judged. Then, there’s the impact it has on maintaining friendships. People may simply not be able to afford to go out with their friends because of their debt problems, and so miss out on the social opportunities they need to destress.
Issues can also crop up at work, whereby the mental strain the debt is creating has a big impact on engagement and productivity (Alex Kleyner talks a lot about this).
3. Avoidance and Ostrich Syndrome
When things get really bad, and people feel they have nowhere to turn, they can often switch into an avoidant state of being. This is otherwise known as ostrich syndrome in reference to the bird that buries its head in the sand. It’s the act of avoiding problems and hoping they go away, but of course, this never happens.
Withdrawal often accompanies this sort of behaviour, and the individual will commonly outright refuse to discuss the issue or get angry or irritated when someone brings it up.
What Can Be Done?
The above problems can be extremely distressing to deal with, whether you’re the person experiencing it or a loved one or member of your family is.
Thankfully, though, there is a way out. Therapy is usually the first port of call when dealing with a significant mental health problem, with CBT (Cognitive Behavioural Therapy) being the most common.
At the same time, there are many different methods for getting out of the debt cycle itself, such as the snowball or avalanche method.
One thing is for certain: there needs to be a greater emphasis on addressing the mental health burden associated with debt so that people can think practically about how to tackle the issue head-on and move on with their lives.
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