There is a link between your financial situation and mental health. The psychological state is affected adversely by obligations. High financial debt is associated with depression, stress and high blood pressure.
Mortgage is good for peace of mind
Researchers have shown that people who have obligations have a higher incidence of psychological health problem. The common psychological illnesses individuals face are anxiety disorders, depression and psychotic disorders.
- Suicidal tendency
An even stronger link is established between debt and suicide. People confronted with problems of debt are more likely to commit suicide or will have a suicidal tendency.
- Substance abuse
They are also dependent on alcohol consumption and drug abuse. Studies have shown that unmarried people, people who have retired and those who did not study much are prone to stress related to credit cards and outstanding bills.
- Distress is more in case of home renters
In case you have an unsecured debt, then you may face serious health problems. On the other hand, a mortgage does not pose to be a threat, especially to psychological well being. It is seen that psychological anguish is lower in the case of homeowners compared to people renting properties.
- Financial insolvency leads to distress
Of course, the risks of psychological problems are lower only when you are in a financial position to make timely payments on your mortgage. It is often seen people who are going through problems such as loss of jobs or marital disharmony resulting in divorce have the same level of distress similar to people struggling to pay their mortgage payments.
Difficulty in paying bills
Always worrying about obligations will lead to an increase in stress level and reduction in resilience. Psychological problems cause instability, and that interferes with appropriate financial management. These kinds of diseases affect self-control and lead to atrocious spending. They may lead to concentration problems and this may have a detrimental effect on the job situation, and you may end up losing your job. This will result in experiencing difficulty in paying bills. Credit card debt consolidation is a great way to solve your debt issues in an easy manner. It is an effective way to get relief from your debt related issues that too in a systematic manner.
Tackle both problems
You can solve the problem of debt. To address that problem, you need to have a strong bent of mind. If you are suffering from depression or anxiety attacks, then your mental issues may come in the way to solve that problem. On the other hand, if you are overburdened with obligations, then taking care of your psychological problem will not be feasible. Irrespective of which matter comes first, both the issues of mental health problems and debt have to be tackled simultaneously. You can cope with your debt if your mental health is good. If your financial situation is organized, then your mental state will be better.
If you had past problems of these kinds, but you are not experiencing anything now, then also watch out. You should monitor your bank balance and take good care of your mental health. If you have recognized the connection between psychological distress and improper handling of finance, then you must have understood the values of both and the ways you have to nurture both.