Everyone who has encountered a period of financial distress understands the tension and anxiety that comes with the inability to meet one’s financial obligations. In some cases, those negative emotions can grow into substantial mental health problems, including depression. This is especially true for those in Maryland who have been living with debt for a considerable period of time. When debt leads to emotional turmoil, it may be time to consider bankruptcy protection.
A recent study looks at the ways that debt can affect emotional health and found that certain types of debt are more harmful than others. Researchers looked at survey data collected from more than 13,000 Americans and compared the level and type of debt held by respondents to their experience of symptoms related to depression. What emerged was a pattern in which individuals who held more short-term debt, such as credit cards or unpaid household bills, were more likely to be depressed than those who held long-term debt such as mortgages or auto loans.
When it comes to long-term debt, many consumers feel that they are gaining something of value for their money, such as a home or vehicle. As for short-term debt, it is often difficult to remember where the money was spent. For many people, by the time the credit card statement arrives, the items that were purchased have been consumed or forgotten about. That can make paying down short-term debt feel like a losing proposition.
For those in Maryland who are struggling with their own debt scenarios, it is important to understand that living with high levels of debt can have a negative effect on one’s health and well-being. Depression is a serious matter and should be dealt with aggressively. In many cases, seeking bankruptcy protection is the best way to move beyond chronic debt problems and toward a happier and healthier future.
Source: health.com, “How the Type of Debt You Have Could Contribute to Depression”, May 14, 2015