How Debt Can Impact Mental Health (And How to Help)

Have you ever thought about whether debt and finances can affect an individual's mental health? Finances may have more of an impact on emotional and mental well-being than you might think, but it's possible to turn those feelings around. There are certain signs that can indicate it's time to get help. Here's what you need to know about the ways debt can impact your mental health and what can help improve both your finances and your well-being. 

Debt Can Lead to Anxiety and a Feeling of Financial Loneliness 

In many cases, debt can be a significant source of stress, which may lead to more serious mental health concerns if left unaddressed. Many individuals carrying debt feel alone, unsupported, or even helpless. These feelings can sometimes develop into depression or anxiety, making it critical to tackle both mental issues and financial problems as soon as possible. 

Look for These Warning Signs 

If you're carrying debt but aren't sure whether you should seek help for your mental health, there are several warning signs to look out for. For example, feeling undue panic or stress when thinking about your finances may be a sign of a deeper issue. Another common warning sign that you may need help is if your loved ones bring up concerns related to recent behaviour changes that may be due to your financial situation. To help determine whether your finances have impacted you mentally, ask yourself these diagnostic questions. 

• Does finding a bill in the mail or checking your bank balance leave you feeling stressed out, anxious or depressed? 

• Do you go out of your way to avoid talking about your finances with family or friends? 

• Are you putting off plans because of your current financial situation? 

• Are you struggling to meet your regular, recurring expenses? 

Get Professional Help to Improve Your Health and Finances 

Now that you understand how debt can impact mental health, it’s important to know that seeking professional help could make all the difference in both your well-being and your finances. For example, you – or a loved one struggling with debt – could: 

• Seek professional counseling to address underlying causes of common mental health struggles 

• Start open discussions with loved ones and lean on them for support 

• Consult a professional financial advisor to begin paying off debts and improve finances 

Living with debt can drag down your mental health and, in some cases, even lead to depression, anxiety, or feelings of loneliness. If you're currently experiencing these feelings, it's important to understand that you can get help to improve both your financial situation and your emotional and mental health.