Make Ends Meet: Don’t let debt stress you out

LOUISVILLE, Ky. (WAVE) - Most Americans carry debt. For some families, the weight of that debt is heavy financially, physically, and mentally.

The combination of spiraling debt and anxious thoughts can break a person. It is a vicious circle.

Many people have been hit hard financially over the last two years, fighting a pandemic and now inflation. There are a lot of people worried about what they can and cannot pay for.

Worrying about finances then causes stress, anxiety and more. That stress and anxiety can affect decision making and mental health.

All those emotions can then make managing your money even more difficult.

“Just in general, when you think about debt, it can be overwhelming,” Dr. Regine Muradian, licensed clinical psychologist, mental health advocate and National Debt Relief Financial Wellness Board Member said.

National Debt Relief, a debt relief company, shared the average American loses 200 hours of sleep per year over their debt and have three debt nightmares a week.

In a recent survey, the company found three in five Americans have considered putting off marriage to avoid inheriting their partner’s debt. 54% of Americans believe having a partner who is in debt is a major reason to get a divorce.

“It really gives people the sense that they’ve lost control over their life,” Muradian shared.

The company also found as Americans grapple with fallout from the coronavirus pandemic, inflation, unemployment, early retirement and other circumstances they cannot control, it is taking a harmful toll on the mental health of millions.

“National Debt Relief found 69% of respondents said that being in debt has made them feel withdrawn from the things they love,” Muradian shared. “70% feel like a black cloud is hanging over them when they’re in debt.”

While it is very important to deal with the monetary side of debt, it’s also critical to understand how our finances can have a toll on our mental health and our relationships with friends, family and partners.

“This loss of control really triggers that fear of the unknown and embarrassment makes people feel trapped and isolated from others,” Muradian said.

The news is not all grim. The road to relief for debt and distress can be simple once a plan is laid out. People should talk to their creditors and stick to that plan.

“Shifting your mindset from, ‘I’m in debt,’ to ‘I have a plan to get out of debt,’” Muradian shared.

A person should create a goal they can reach, whether they follow a plan and a budget they have devised on their own or whether they look for reputable professional help.

“You kinda see your life unfolding and you see your debt disappearing,” Muradian explained. “No matter what challenge you are facing, it’s really key to maintaining good mental health.”

For more information on how to tackle your debt, just click or tap here. Remember to stay focused and climb that debt mountain one step at a time.

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