A study conducted in United Kingdom proved that there is a relative connection between an individual’s mental health and his or her financial status. The study rolled a general conclusion that a person with debt is more likely to suffer from stress and other related mental health problems. The key points of the study can be summarized in the following highlights:
The Relationship of Debt and Mental Health
People who struggle with redundant debts often feel low and anxious. They are more likely to suffer from stress and restlessness. These emotional disturbances affect a person in many ways. It can affect one’s work, family, and social relations as well as psychical health . Also, a person who worries about his or her debts has the tendency to perform poorer at work.
Debt and Social Norm
The study also shows that people who are in a society where debt is a common norm, like among peers, worry less than those who are not used to it. When most of your friends and family members owe their living to debts, you are most likely to adapt this culture – like it is a normal thing. However, whether you are used to being in debt or not, it will worry you a lot knowing that you need to pay your dues especially, if you are not in a position to do so.
Coping with Debts
Debt is an inevitable circumstance in this life. Some say people are born to pay debts. When you use your credit card, you are in debt. Once you mortgage a house, you will be in debt for quite a long time in your life. But you can change this. There are things you can do to avoid being indebted for most years of your life. Among these include the following:
Live within your means. Do not spend the money you don’t have. Your earning should not only be allotted to pay your monthly dues and overhead expenses. Make sure that you have more savings than debts.
Don’t ignore your bills. Pay your monthly dues such as credit card bills as soon as possible to avoid penalties.
Get financial advice. Seek financial advice from someone who is not indebted himself. When you feel low and anxious about your debts, you can also seek the help from your general practitioner who can find you ways to deal with your anxieties.
Be positive when everything seems so hard, you can find a way to make it better, there is a lot of help available to support you. You can try our online course which will equipt you with life skills and tools to help you find your way out of debt. Stay positive and once your debts are settled, make your way to stay away from debts again.