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Debt Management May Help Alleviate Debt-Related Depression

January 20, 2012 | Debt | Guest Post | 3 Comments

According to a survey conducted by a non-profit financial crisis center, nearly fifty percent of the people surveyed in debt also experienced or exhibited symptoms of depression. Depression is usually classified as experiencing feelings of inadequacy, hopelessness and other negative behaviors and emotions. The survey also found that nine out of ten participants reported significant feelings of debt-related stress.

Depression can create a feeling of hopelessness and an inability to take on financial problems which leads to a vicious cycle of rising debt and deeper depression. Depression can cause some individuals to become emotionally paralyzed which then leads them to be incapable of developing or following a plan of action to rectify their finances. If this is you, it is highly recommended that you seek help from a debt relief counselor familiar with depression related to debt or see a professional therapist.

However, for many people, they have not yet reached that critical point and are still fully capable of learning new debt management skills. And, for many individuals the depression they are experiencing is simply a phase due to their extraneous debt. As the debt is corrected, the depression lifts. However, all too often, for some, depression leads to suicidal tendencies or attempts. It is essential that anyone experiencing feelings to hurt themselves, the ones they love or other people to seek help as soon as possible. Debt is not worth your life.

Financial stress can feel insurmountable at times whether you have unexpectedly lost your job, stuck in a cycle of late payments or have rising credit card debt. Debt can be detrimental to all areas of your life, but with the right debt management skills and tools, you can get out from under the burden of debt once and for all.

If you are suffering from depression related to debt, one of the best things you can do for yourself is to seek outside help through a debt counselor. Many times, just taking the minimal action of asking for help can make you feel like you are regaining control of your finances and it can begin to ease your depression. Finding help and developing an action plan can help lift those feelings of hopelessness and inadequacy.

Depression can trick your mind into thinking that there is no way out or your debts are so out of control that you will never find a remedy. The important thing to remember is that it is just the depression talking and outside help, especially those experienced in dealing with debt-related depression can help you see what your mind refuses to acknowledge. There are many debt management skills they can teach you that will not only alleviate your current situation, but will help you learn how to avoid ending up in the same place all over again.

Debt should not be a cause of depression, but it is extremely common for those in debt to experience symptoms. Seek help as soon as you find yourself in debt and learn how you can turn your finances around.

 

 

 

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3 Comments to “Debt Management May Help Alleviate Debt-Related Depression”

  1. debt help scotland from best debt help company « Debt Consolidation Washington
    11:05 pm on January 20th, 2012

    […] However, for many people, they have not yet reached that critical point and are still fully capable of learning new debt management skills. And, for many individuals the depression they are experiencing is simply a phase due to their extraneous debt. As the debt is corrected, the depression lifts. However, all too often, for some, depression leads to suicidal tendencies or attempts. It is essential that anyone experiencing feelings to hurt themselves, the ones they love or other people to seek help as soon as possible. Debt is not worth your life.Source: money-cake.com […]

  2. Can a Government Grant Help You Get Out Of Debt « Debt Consolidation Washington
    3:15 pm on January 22nd, 2012

    […] […] However, for many people, they have not yet reached that critical point and are still fully capable of learning new debt management skills. And, for many individuals the depression they are experiencing is simply a phase due to their extraneous debt. As the debt is corrected, the depression lifts. However, all too often, for some, depression leads to suicidal tendencies or attempts. It is essential that anyone experiencing feelings to hurt themselves, the ones they love or other people to seek help as soon as possible. Debt is not worth your life.Source: money-cake.com […]Source: money-cake.com […]

  3. EdH
    9:22 am on January 24th, 2012

    I have seen this in people I know – after they pass through with denial that there is a problem, they quickly get a place where they don’t think it is solvable. It is. But the depression takes away all the energy needed to attack the problem. I have not seen any debt counselors that address this wholistic idea of the impact of debt – is this comoonly part of the counseling?
    EdH recently posted..High Tuition? Blame Your Financial Aid!My Profile

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