The Emotional Effects of Having Debt

If you are an adult in the United States, chances are you have debt. Whether it’s debt from credit cards, school loans, car payments, etc., the average Americans carries over $35,000 in personal debt excluding home mortgag0es.

Being in debt can often be stressful and overwhelming, especially for individuals who live paycheck to paycheck or are caught by surprise when life throws them a curve ball, such as an unexpected job loss or emergency room bill.

Individuals with debt may experience a number physical and emotional symptoms, including:

Anger
Anxiety
Denial
Depression
Fear
Frustration
Panic
Physical Aches & Pains
Problems with Relationships/Friendships
Regret
Resentment
Stress

Denial and stress are two very common traits associated with being in debt. Individuals may be in denial if they underestimate how much they owe, they think they have their payments under control, or they believe that having debt is part of life, etc. A stress study done by the American Psychological Association, found that 72% of Americans reported feeling stressed about money.

The good news is that getting out of debt is possible if you are willing to put in the effort and stick to a plan. But rest assured, once you put a dent in your debt and start paying it off, the benefits are beyond worth it!

Click here for more resources:
Five Easy Steps to Start Living Debt Free
How to Better Manage Your Money
3 Things to Remember on Your Debt Free Journey

Like the emotional effects caused by being in debt, you will experience emotional effects by getting out of debt’ the main difference is that the emotions will be positive instead of negative.

Individuals who pay off debt often experience the following:

A Sense of Accomplishment
Enhanced Positive Mindset
Financial Freedom and Security (i.e. you control your finances versus your finances controlling you)
Improved Finances and Credit Scores
Improved Relationships
Less Stress
More Happiness
More Savings
Peace of Mind
Relief
Responsible Spending (i.e. spend on things you desire versus bills)

“My financial life began turning around when I took responsibility for it.” Dave Ramsey

If you are interested in understanding your finances, paying off debt, or taking your money to the next level, don’t miss out on powerful tools to help you succeed financially!

The Achieving Financial Freedom to Live the Life of Your Dreams course will empower you to achieve financial literacy, improve your money management skills, create a healthier relationship with money, and work towards achieving financial independence to live the life of your dreams.

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