Carrying any amount of debt can be stressful, but when an individual is carrying a sizeable amount of debt, the effect that debt has on the individual’s well-being can be detrimental. According to a 2017 study published by the Journal of Consumer Research, the likelihood that an individual struggling to handle his or her debt will end up with a mental health issue is three times higher when compared to someone who does not have debt.
One major reason someone struggling with debt may suffer emotionally has a lot to do with the fact that most people keep their feelings regarding debt to themselves and internalize the problem. However, the problem is, keeping these emotional struggles to oneself will only lead to more stress on that person’s mental health, leading to even worse problems, including depression and anxiety.