Debt & Stress: The Relationship
Has there ever been a time when there was not a relationship between stress and debt? One only needs to look back to the stock market crash in the 1930’s and how it was called ‘The Great Depression’.
Canadian researchers have been studying the issue of coping with heavy debt and the physical and mental ‘side-effect’s’ of owing money for decades. CBC News reported in 2015, Finnish researchers oversaw the comparison of 33 peer reviewed studies on the subject, and came to the same conclusion – indebtedness has serious and damaging effects on our health.
We all know how a night or two without adequate sleep affects our job performance and ability to keep a clear head. So if debt is keeping you awake for days or weeks, and gets so bad that you seek out medical attention or try to solve the problem by self-medicating – that glass or two of wine may give you a night of sleep but does it really solve the problem and could it lead you closer to depression?
Study after study shows that no matter how the debt was incurred (job loss, over-spending on credit cards, high personal/student loans, unmanageable mortgage(s) and other obligations), the negative impact on how we view ourselves and our value is greatly affected and could lead to severe depression and/or suicide.
There are serious emotional factors to take into consideration when looking at debt. Those closest to us will notice the changes first, followed by those we have surrounded ourselves with – neighbours, co-workers – and we may find ourselves being slowly shunned because of our defensiveness, negative attitude, and inability to participate in things we used to enjoy.
In addition to stress, the psychological and emotional issues which are scientifically tied to debt are:
- Depression / Anxiety
- Resentment
- Anger / Regret
- Shame / Embarrassment
- Self Harm / Suicidal Thoughts / Suicide
Kelly McGonigal of Stanford University says, “What’s dangerous about debt is how pervasive and chronic it is. Most things in life that stress us out—a car accident, a divorce, a death in the family—happen, and then they’re over. Our bodies are designed to respond to these ‘emergencies’ and bounce back, whereas owing money can become completely inescapable.”
Here are some tips on how to manage the debt stress in your life:
It may sound like a cliché, but staying positive is one of the best medicines. Getting out of debt can be a long or short term project and it is important to take it one step at a time. Create a timeline along with a workable budget; this allows your mind to understand that a solution has been put in place. A budget doesn’t restrict you, there is great freedom within a budget / cash-flow management plan. Just knowing that there is a plan in place can take a lot of the stress and worry away.
Keeping active is very important, not only for your physical well-being, but it is free. Even simply walking or jogging on a daily basis can have a serious positive affect on the mind. Look into volunteer options that could turn into part-time employment, scout through the odd-jobs on kijiji that pay cash for odd jobs, even check on the notice board at the local community centre.
Being in debt can be isolating but it does not have to be. If you are aware of the potential mental and physical health threats, you can take measures to avoid them. Looking into getting the professional debt advice needed, in order to educate yourself on the options available, may help you successfully deal with your debt. But be aware, not all “debt help” companies are the same. There are a lot of companies out there that either take funding from your creditors, or represent your creditors, but they will likely never fully disclose this information to you, if at all.
Since 2002, at 4 Pillars Debt Solutions, we have been helping Canadians from coast to coast get out of debt and get on with their financial lives. Our sixty offices across Canada are collectively helping Canadians solve almost $1 million dollars of debt every single day so far in 2016! Since inception, we have been able to help tens of thousands of Canadian families solve billions in debt. Our clients are typically debt free very quickly. We have, what we believe, are the best stats in Canada at helping people become debt free. We are not bankruptcy trustees and we do not take funding from creditors. We represent solely the interest of our clients!
We help our clients retain assets, improve cash flow, and get out of debt.
4 Pillars / Greater Sudbury
430 Notre Dame Ave
Greater Sudbury, ON P3C 5K7
705-806-1252
