It is an unfortunate fact that so many Americans today have to deal with increasing amounts of debt. This debt can manifest in multiple ways, through mortgages, car payments, credit card debt, and even student loans, which recently has become one of the largest kinds of debt Americans have to face.
All of this amounts to a great deal of debt stress that the average American has to cope with, which in turn may cause financial depression.
Stress and Depression
The psychological effects of stress related to depression can be severe, and not everyone deals with these stresses equally. Some might worry over $1,000 worth of debt, while others might not give a second thought to what they owe until after their debts rise above $100,000.
Debt stress can result in a number of negative emotions, including:
- Anger and frustration
- Resentment towards self and/or loved ones
- Intense feelings of regret
- Shame and embarrassment
What’s worse is that debt stress can eventually build into feelings of anxiety and depression within an individual. This is what’s known as financial depression. A 2017 study found that those who are struggling to pay off debt are very likely to experience feelings of depression related to their finances.
What You Can Do to Avoid Financial Depression
Fortunately, there are steps you can take to avoid developing financial depression.
- Identify the root of your negative debt stress feelings: You can’t effectively resolve negative feelings unless you know where exactly they are stemming from.
- Prioritize financial well-being: Living on a budget and finding a higher paying job may require some sacrifices, but working towards financial security can alleviate stress.
- Get professional help: Going to a licensed therapist can help you learn effective strategies to help cope with your debt stress.
If you, or a loved one, are in need of professional help, contact Las Encinas Hospital today. Our experienced staff will help you set up a private and confidential assessment.