Debt Anxiety

Beat Debt Anxiety – How to Overcome The Burden

Debt is a reality that many people face for a variety of reasons, and it should not be viewed as shameful. You may believe there is a stigma regarding the term “debt” and that if you bring it up, your loved ones will think badly of you.

This might cause a lot of anxiety in addition to the worry and dread that come with finding out you can’t afford to pay your bills or buy necessary items, which can be stressful.

Debt stress and money issues can have a serious impact on your mental health condition, and it’s perfectly normal to feel anxious or stressed about it. The important thing is how you deal with those feelings.

How Can Debt Affect Your Finances?

There are a number of ways that mental health issues and anxiety can make it more difficult to manage your finances, here is a list of some of the most common ways:

Money problems and stress can affect your ability to focus at work making you more prone to mistakes and it affecting your productivity. It can also lead to to you taking time off work which may temporarily reduce your income.

A lack of motivation is common among those suffering from depression, which can lead to financial problems from overspending. The short-term high achieved from spending may provide temporary relief, but it ultimately worsens the individual’s financial state.

Some people avoid activities like checking their bank statements or opening bills because thinking about money and debt makes them more anxious and mental health problem.

​​If you are experiencing mental health problems, there are dedicated services that you can turn to for free advice and guidance in your time of need such as the a registered charity like Mind or the Samaritans.

How Financial Stress Can Affect Your Mental Health Problems?

Having too much debt can have negative consequences for a person’s wellbeing, especially if they don’t have access to proper support. The following list explores some of the ways that debt can impact a person’s mental health:

Having unaffordable debt significantly increases the likelihood of depression which can have further knock on effects such as a lack of sleep which can lead into your ability to work. This can then lead into you losing your job or part of your income which can then spiral into more use of credit.

The affects of being in debt on your mental health can also affect your relationships with friends and family as often you are likely to become more short tempered or more reclusive.

Here are some ways to start managing your anxiety and stress around debt so you can begin the journey to financial recovery.

Be Pro-active and Assess your Situation

Take a hard look at your life and circumstances, starting with your financial health. This may appear to be a difficult job, but it is critical in assisting you on your path to financial independence.

Examine your spending habits to identify non-essential expenses which can be eliminated or reduced.

Examine your finances carefully, then make a budget you can strictly follow. To help you stay on track, try using a budgeting app or creating a spreadsheet such as Google Sheets which can help you easily monitor your outgoings.

You should then evaluate other aspects of your life. Acknowledge the positive aspects you do have whether that be a loving family or a close knit group of friends. Even if our situations are not ideal at the moment, we all have something good in our lives; noticing these simple blessings will help improve your outlooks greatly.

Make the Time to Look After Yourself and Your Mental Health

Having financial worries is a difficult situation to be in, and it can only become worse if you allow yourself to get overwhelmed. Try to think clearly about your options and make logical choices about what to do next.

It is important to set some time aside for you to focus on yourself whether that means sitting down and reading part of a good book each day or focusing on your health by doing a little exercise and eating a healthy balanced diet. Basically anything that can take your focus away from your debt and help put you in a more positive frame of mind to take the next steps to overcome your money worries.

Reach Out to Your Support Network

Friends or family are usually the best source of support as they will already know you as a person and you may feel more comfortable talking about your financial stress with someone you already know.

However, some people may prefer talking to an impartial stranger about their financial situation whether that be a professional such as a psychologist or to a debt charity who have all the resources available to offer help and guidance to help you take positive steps to overcome your debt problems.

If talking to someone face to face or over the phone about your debt and mental health is too much for you, especially if you are only just taking your first steps, there are online resources such as National Debtline which is a great online resource for dealing with your financial stress.

Always Remember That You Are Not Alone

Many individuals have gone through problem debt, and the anxiety that comes with it – you are not the first person to face this situation, and you won’t be the last. You may believe that your position is unique and no one can possibly comprehend it, but this isn’t true.

Acknowledging that others have debt and normalizing your experience may help you feel better and empower you to tackle your debt head-on.

Get Professional Advice and Assistance

Are you struggling with high interest debt such as personal loans and is credit card debt affecting your mental and physical health?

Here at Become Debt Free, we are ready to listen to your debt problems and your unique situation to be able to advise on what range of solutions are available to you whether that be a debt solution such as a Debt Relief Order, Bankruptcy, an Individual Voluntary Arrangement or a Debt Management Plan. It could also be as simple as helping you to take full stock of your monthly budget and monthly bills to helping you manage your debt and manage money in a more positive and practical way.

Call us on 0113 237 9500 or complete the online form and one of our professional and friendly advisors will call you back at a time to suit you.

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Tel: 0113 237 9500

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Customers can get free debt advice from the Money Advice Service – an organisation set up by the Government to offer free and impartial advice to those in debt. For more information from the Money Advice Service visit MAS is part of the Money & Pensions Service. We are not affiliated with MAS in any way.

Become Debt Free is a trading style of Re10 (Finance) Limited Registered Number 04651137.  Data Protection Act Registration Number – Z8613095

Become Debt Free specialise in providing and administering Individual Voluntary Arrangement (“IVA”) solutions to individuals based in England, Wales and Northern Ireland.  We do not administer Debt Management Plans, Debt Relief Orders, or any other debt solutions.  We only provide advice after completing or receiving an initial fact find where the individual(s) concerned meets the criteria for an IVA, therefore, all advice is given in reasonable contemplation of an insolvency appointment.

* To qualify for debt write off in an IVA with us, you must have a minimum of £7,000 of qualifying unsecured debt owed to two or more creditors.  The amount of debt write off is based on your own personal circumstances – typically this could be up to 85% of what you owe; and this has been achieved by over 10% of our customers who have successfully completed their IVA’s in the last 12 months.  The amount of debt write off differs for each customer and is dependent upon their individual financial circumstances and subject to the approval of their creditors.

Andrew Bowers is authorised in the UK to act as Insolvency Practitioner by the Insolvency Practitioners Association.


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