Have you ever thought about how your debts affect your mental health?
Research conducted by the University of Southampton and the University of Kingston in England (2013) analyzed the relationship between health problems and debt. In this study, it was detected that more than 25% of the participants who were in debt had mental health problems.
For its part, a study conducted by anthropologist Elizabeth Sweet, who studies the relationship between debt and health at the University of Massachusetts, in 2014 found that debt could contribute to the development of precarious health.
Most of the existing studies in this regard, relate illnesses such as stress, anxiety, and depression with difficult economic situations. Similarly, according to experts, physical problems such as gastrointestinal diseases, lumbar or headaches can also be triggered.
Mental health specialists mention that many of the causes of these diseases are caused by concern about debts and personal financial obligations. Most of the cases are presented by the high expectations that people have when applying for a loan to satisfy their needs. However, when these people become over-indebted, unable to pay their obligations, they become frustrated, feel guilty and ashamed and consequently destabilize their emotional state.
This emotional instability can lead to sleep disturbances, lack of concentration, stress, anxiety, and depression.
What to do in situations like these? The solution is to find financial and emotional balance, which is achieved through financial education and treatment. Some recommendations made by mental health specialists are the following:
• Find information on how to meet financial commitments.
• Having distraction that keeps you from keeping your mind focused on your financial problems.
• Have healthy habits: eat well, sleep well, do physical activity. This will help alleviate anxious or depressive symptoms.
• Create family strategies to improve symptoms and to carry out obligations.
• Seek help in a timely manner.