People who are facing a serious debt crisis are also at risk for developing a number of major mental health problems. Debt is often accompanied by feelings of guilt, shame and embarrassment. Individuals who are really in trouble may also have feelings of failure or suffer from very high levels of stress caused by worrying.
Victims of debt often try to hide or ignore the problem, however, not addressing the issue right at the beginning often causes it to escalate. The reason people in debt try to hide the situation may be because they are plagued by feelings that they have let both themselves and their family down. If the individual in debt is one of the primary income earners they may also feel that they are unable to adequately provide for their family.
People in debt may suffer from loss of self esteem and confidence. They often worry that others may perceive their situation as being self inflicted. Although, many people do get into debt due to overspending, this is not always the case. Debt is often incurred by situations over which the victim had no control. Their situation may be the result of an accident, cutbacks at work or what insurance companies call an 'act of God'. Even with all possible safety nets in place i.e. a rainy day fund and proper insurance, the situation may have been unavoidable. However, if the victim does not fully accept this, it may change the way they perceive themselves.
Stress and worries are not just caused by the person's inability to pay back the actual debt. Their worries are often escalated by fears about losing their home, car or services to their home i.e. water or electricity. Additional stress may be placed upon the person in debt by creditors calling and harassing them. The individual may be concerned about what their friends or family will think if they find out about the situation. They may also be pressured by a spouse or other family members who know about the situation but do not fully understand how or why the debt occurred.
Worries over debt can lead to anxiety, depression and panic attacks. Other signs of debt stress can manifest in the forms of mood swings, shortness of temper or in very severe instances, feelings of suicide. Cases of debt related stress has skyrocketed over the past couple of years.
As the debt crisis increases, so do the number of victims who are seeking treatment. The Royal College of Psychiatrists has even begun printing documents to better enable doctors to understand and treat victims of debt stress. Their document includes ways of not only getting the patient to talk about their financial difficulties and worries but offers ways that the patient can get help with their actual debt problems.
Debt problems are more common than most people realise. If you do find yourself starting to go into debt, the best thing you can do is to immediately address the situation. Do not allow the problem to escalate. You have to understand that you risk not only sinking further into debt but also from suffering a mental health issue that the worry and stress of the situation may cause.
