MENTAL HEALTH AND DEBT
I have been wanting to do a blog about the correlation between mental health issues and debt problems for years. One of the more common issues I see with my bankrutcy clients is that in addition to having substantial debt, most have depression and anxiety as well. It has become clear to me that in order to fully address the underlying cause of a persons’ debt issues, mental health issues also need to be addressed.
It makes sense that someone with substantial debt problems such as credit card bills, medical debts , or a foreclosure also has anxiety and depression. Often these clients come see me only after months or years of threatening collection calls and letters. It is only natural to have some sort of depression or anxiety under these threatening conditions. There are also probably a certain percentage of bankruptcy clients with debt problems that first had the underlying depression or anxiety before the debt problems arose. Specifically that the mental health issues caused or helped create the debt problems. I often see in these situations where the client’ s depression causes the person to miss payments or overspend.
DEPRESSION AND ANXIETY
Either way, depression and anxiety either help cause the debt problems or they exacerbate the issue. Although I am an attorney and not a mental health professional, by atleast seeing the strong connection between debt and mental health, I am trying to address the possible connection with future clients by atleast mentioning the possible correlation and recommending they seek professional help via their family doctor or counselor.
Depression and debt are two significant issues that can deeply affect an individual’s mental and financial well-being. They often intersect, creating a cycle that can be challenging to break. Here’s a closer look at each and how they can be interconnected:
Depression is a common mental health disorder characterized by persistent sadness, loss of interest in activities, and a range of physical and emotional problems. It can significantly impair a person’s ability to function at work and home.
Debt refers to money owed by one party to another. It can arise from various sources such as credit cards, loans, mortgages, and other financial obligations. High levels of debt can lead to financial stress and insecurity.
The Connection Between Depression and Debt
1. Financial Stress Leading to Depression. The stress of managing debt, especially when it becomes overwhelming, can lead to depression. Constant worry about making payments, dealing with creditors, and the fear of insolvency can take a toll on mental health.
2. Depression Leading to Financial Problems: Conversely, depression can lead to financial difficulties. A person suffering from depression may find it hard to concentrate, make decisions, or maintain employment, which can result in reduced income and increased debt.
3. Behavioral Impact: Depression can lead to behaviors that exacerbate debt, such as compulsive shopping or neglecting financial responsibilities. On the other hand, the stress of debt can lead to unhealthy coping mechanisms like substance abuse, which can worsen depression.
4. Social and Psychological Impact: Both depression and debt can lead to social isolation and stigma, which can further compound the issues. The shame associated with debt can prevent individuals from seeking help, while the stigma around mental health can deter people from accessing treatment for depression.
Breaking the Cycle
1. Seek Professional Help: It’s important to seek help for both depression and debt. Mental health professionals can provide therapy and medication for depression, while financial advisors can offer strategies for managing and reducing debt.
2. Budgeting and Financial Planning: Creating a budget and a plan to tackle debt can provide a sense of control and reduce financial stress.
3. Support Networks: Engaging with support networks, whether for emotional support or financial advice, can be beneficial. Support groups for depression or debt management can provide guidance and reduce feelings of isolation.
4. Self-Care: Prioritizing self-care and stress-reduction techniques can help manage symptoms of depression and improve overall well-being, making it easier to handle financial challenges.
5. Communication with Creditors: Being open with creditors about financial difficulties can lead to more manageable repayment plans and reduce the stress associated with debt.
Depression and debt are complex issues that can feed into each other, creating a challenging cycle. Addressing both simultaneously with professional help, strategic planning, and support can lead to better outcomes for mental and financial health. It’s important to remember that help is available and that taking the first step towards addressing these issues is a sign of strength.
The good news is that by addressing the anxiety or depression issues, the client is better prepared to battle their debt problems. Someone free from the grips of depression and anxiety is better able to maintain personal budgets and refrain from overspending.
PERSONAL NOTE
On a personal note, I have dealt with anxiety most of my life. During this time I have learned different ways to minimize my anxiety to include : getting atleast eight hours of deep quality REM sleep, healthy eating, limiting alcohol, breathing techniques, talk therapy, gratitude journals, meditation, adding probiotocs to my stomach and exercise.
HELPFUL WEBSITES
I have found a few websites to be very helpful and informative on my journey for better mental health. Anthony Neal is a Dave Ramsey disciple and he has an awesome video about the power of talk therapy. For a healthy lifestyle to include nutrition, I enjoy reading Dr. Weil’s website. He promotes an anti-inflammatory diet, Indian herbs, matcha tea, and breathing techniques. A really cool website full of easy Chinese therapies you can do at home to improve your mental health. I love this blog about mental healh tips in the business setting.
ADDITIONAL WEBSITES
This attorney admitted in his facebook blog he suffers from anxiety attacks. This website is devoted to mindfulness therapy. This site is one that gets to the root cause of our debt problems and our impulse purchases. An amazing Joe Rogan podcast on the health benefits of sleep. Finally, a blog about suffering and a cool way to think about how to keep our suffering in perspective.
Please talk to your family doctor or counselor if you are experiencing anxiety or depression. The blog websites are solely provided to give some ideas and to start a conversation between you and your family doctor.
If you would like to have a consultation concerning your debts, we have offices in Irmo, Columbia, Florence, and Greenville. We also assist clients from Sumter, Orangeburg, Aiken, Spartanburg, and Orangeburg. We can explore different options to deal with your debt options to imclude Chapter 7 and Chapter 13 bankruptcy.
MENTAL HEALTH CLE SPEAKER
In addition, if your group is looking for a SC attorney to speak to your CLE group on mental health issues, please call or email me.