Debt can be caused by many things – from unexpected expenses to job losses to divorce. Regardless of the reason for your debt, it’s likely inevitable to cause some sort of stress in your life.
According to the Financial Consumer Agency of Canada, 48 per cent of Canadians say they have lost sleep because of financial worries. People who deal with financial stress are twice as likely to report poor overall health, four times as likely to suffer from sleep problems, headaches and other illnesses, and more likely to experience strain in their personal relationships.
If you’re in a lot of debt, you may have experienced some of these issues. The unfortunate part is that unless you seek help for your debt, these health problems are likely only to get worse. Here are three signs that debt stress is causing health problems and what to do about it:
- Changes in behaviour or worldview
One of the first signs that debt is starting to affect your health is changes in your day-to-day behaviour or world view. Taking a negative view of the world when you normally have a more positive outlook is a common symptom of mounting stress. Additionally, no longer taking joy in activities you once did can be a common sign of a depressive condition.
- Feeling trapped
When you have debt, everything starts to take on a monetary value and you start to question if you can afford anything except the bare essentials. While it’s important to ensure you live within your means, living only on the bare minimum can have a serious impact on the quality of your life.
Feeling like you need to keep track of every expense (no matter how minor) may make you question the point of life. You may feel that no matter how careful you are with your spending, your debt is just never-ending. Such hopelessness can develop into depression if unchecked.
- Lack Of Sleep
Added stress and anxiety can lead to a lack of sleep. This results in a feedback loop where you become aware that your stress is causing you to lose valuable rest, which in turn makes you more upset. Lack of sleep only further exacerbates your condition, causing more stress and negativity. Continued stress can lead to insomnia, which has a highly negative impact on your overall mental health.
While the natural response to stress is to remove the stressor from your environment, this can be challenging in a debt situation because it can take a long time to reduce debt.
As you can see, debt-related stress can be far more than a mere annoyance. It can cause you undue psychological stress and can even lead to depression. The good news is you don’t need to handle your debt stress alone.
Certified credit counsellors can help you get your debts paid off, ultimately leading to a more stress-free life. Credit Counselling Services of Atlantic Canada has been helping Canadians for over 25 years. If you’re feeling that your debt stress is impacting your health, call us today for a free consultation.