Title: The Emotional Effects of Debt | The Simple Dollar
Headings: The Emotional Effects of Debt
The Emotional Effects of Debt
Depression and Anxiety
Resentment
Denial
Stress
Anger and Frustration
Regret
Shame and Embarrassment
Fear
Relief, Freedom, and Accomplishment

Content: Meanwhile, the average college student will graduate with a whopping $40,000 in student loans — and those who pursued graduate or higher degrees, switched majors, or went back to school may owe significantly more. In fact, about one in five borrowers owes $50,000 or more in student loans (and 5.6% owe more than $100,000), according to a Federal Reserve Board survey. Round it out with car loans, mortgages, medical debt, personal loans, and other obligations, and it’s safe to assume that most Americans carry some kind of debt. That debt affects different people in different ways. There is no common tolerance of debt. While one person may suffer anxiety over just $1,000 of credit card debt, someone else may not have thought twice about his debt until he saw his student loan and credit card balance top $200,000. Regardless of the type of debt or the amount, here are some of the common psychological and emotional issues associated with debt. Depression and Anxiety
Dr. John Gathergood of the University of Nottingham studied the correlation between carrying debt and any depression and anxiety associated with it. In that study , Gathergood found that those who struggle to pay off their debts and loans are more than twice as likely to experience a host of mental health problems, including depression and severe anxiety. Anxious feelings can arise with an array of triggers, such as constant worry about money, experiencing immense feelings of being overwhelmed with no end in sight, and hopelessness.