How Debt and Bankruptcy Impact Your Well-Being
Financial troubles can have far-reaching implications when it comes to your well-being. Here are some of the negative emotional impacts people typically face when dealing with debt or bankruptcy.
Constantly worrying about money is stressful. Additionally, being in a poor financial situation generates anxiety about the future, especially when a person can envision their debt trailing them for years to come. Being hounded by creditors can further elevate stress levels.
Waging an interminable war against one’s debts can be frustrating. This may be especially true if the debt was incurred due to circumstances outside the individual’s control. For example, going into the red after losing a job, ending a marriage or burying a family member can add insult to injury. Unforeseen expenses, such as those for car or home repairs after an accident, can also be vexing.
Finances play an important role in relationships. In fact, studies show that arguments about money are a top predictor of divorce. When one partner has lost a job, isn’t making enough money or has come into the relationship with debt, this can cause disagreements and discord. It can be difficult for both people and lead to the fostering of resentments.
There’s no getting around the fact that for many people, money and success are intertwined. If an individual is in debt or bankrupt, they may feel ashamed, embarrassed or insecure. Sometimes, it’s friends and family members who make them feel this way, either directly or indirectly. In other cases, the feelings are a result of individuals comparing themselves with others around them who have more material wealth.
The stress of being in debt can bring about feelings of despair and hopelessness, and eventually lead to depression. Additionally, going into debt unexpectedly can trigger an acute depressive episode, especially if the financial problems are combined with interpersonal ones. Sleeplessness and poor eating habits can further exacerbate depression that stems from money issues.
Financial freedom offers relief
Once a person is finally able to deal with their debt, they’re likely to feel a great sense of relief and accomplishment. If you’re in debt, turn to an experienced licensed insolvency trustee at D. & A. MacLeod Company. We offer debt help and bankruptcy solutions in Ottawa and the surrounding communities. We also provide credit counselling and can assist with consumer proposals. Contact us today for a free, confidential consultation.