Mental Health Problems Can Cause Debts, Too
Mental Health Problems Can Cause Debts, Too
In our last blog post, we took a look at just how much overlap there is between debt and mental health problems. We mostly focused on how debt can lead to issues with your mental health- but the reverse is also true. A large number of people end up in debt through no fault of their own. Their health issues lead to poor financial decisions, and these can often snowball into big problems that they simply aren’t capable of dealing with. In this article, we’ll be taking a closer look at how this works in practise. See if you recognize any of these habits in yourself- and if you do, there’s some advice at the end on how you can start to rebuild your finances and your mental health.
Manic Spending Can Be A Huge Problem
Many people with bipolar disorder in particular suffer from debt problems. That’s because they alternate between manic and depressive episodes. In the former, they tend to make more impulsive decisions, without thinking about the consequences. If they see something they want, they’ll buy it- even if they don’t have the money to actually pay for it. At the time, these decisions seem perfectly logical, and so they see no problem with this impulsive spending. Once the mania has worn off, though, they are left to live with the consequences of their actions. Even those without any serious mental health problems can sympathise with this, since this thought process is much more common than you might think. After all, how many times have you bought something to cheer yourself up, even when you know you shouldn’t? This just goes to show how easy it is to make poor decisions with your finances- and those who can’t control their actions have it even worse.
Depression Has A Major Impact, Too
On the other side of the coin, depression can also cause huge problems with debt. While many people equate depression with simply feeling sad, it’s actually much more than that. Depression is a disorder which affects every aspect of one’s life, and as well as feeling down, it can also drain all your motivation to do anything. Naturally, that can end up having a big impact on your financial situation, since plenty of people with depression end up taking a lot of unpaid days off sick because they are unable to even get out of bed. When they aren’t earning as much as they usually would, this can lead to holes in their finances that they then need to plug- and all too often, payday loans and other debts are what these people turn to.
Depression can also have serious long-term consequences with your finances, too. Since it works its way into the very core of your thinking, many of those suffering with depression will become extremely anxious about money. Even if they actually have enough to get by, they can still end up thinking about money almost constantly, since it gives their mind something external to focus its anxiety on. For those who are in debt, though, this sort of thinking can end up making the problem a whole lot worse. They might be reluctant to open any post that’s from debt collectors or creditors, and therefore allow the debts to build up and up until they simply can’t keep up with them anymore.
Don’t Let Mental Health Problems Take Over Your Finances
At this point, they might feel like there’s no way out of their situation- but that couldn’t be further from the truth. Debt management is always an option, and by speaking to a professional financial advisor, you can restructure your debts into something that’s easier to handle. They may also be able to help you deal with the effects of your mental health problems, and avoid the consequences on your bank balance as much as possible. If your mental health is interfering with your finances, then don’t let the problem get too big to handle- instead, seek the guidance you need to keep your mind and your credit rating clear.