6 Signs That Your Debts Are Affecting Your Mental Health

Bills to pay, unexpected expenses, inflation: it can all cause worry. When financial stress becomes too much, it can even affect your physical and mental health. Here are some tips on how to recognize the signs and get help.

In short

Be alert to any of these signs :

Anxiety : Anxiety can prevent you from focusing and lead to panic attacks or breathing, heart and sleep problems
Depression : Fatigue, sadness, irritability: these are all signs that can herald depression. Be careful!
Insomnia : Money problems can be so disturbing that you can’t sleep at night. It’s called financial insomnia.
Physical pain : Financial stress can lead to physical pain, such as headaches, neck and shoulder tension, muscle aches and so on.
Social avoidance : Money problems can sometimes lead to withdrawal. But when you isolate yourself, nothing gets better.
Denial : The worst thing you can do when you’re in debt is avoid reality. Because problems don’t go away.

Normally, all it takes is a tighter-than-usual budget to cause you stress. So, it’s not surprising that, in the current climate of rising living costs, many of you are feeling even more on edge. If you already had debts hanging over your head and have only added to them in recent months, your mental and physical health could be affected. That’s why it’s important to recognize the early signs that you’re not doing well. Here are a few of them.

1.

Anxiety

Almost everyone has financial worries from time to time. But if you experience anxiety on a regular basis and feel constantly worried about your money problems, it’s much more serious. Anxiety can prevent you from focusing, but it can also lead to panic attacks or breathing, heart and sleep problems. So you shouldn’t take it lightly.

2.

Depression

Some days it’s hard to get out of bed. Getting through your day and accomplishing daily tasks is very difficult. You lack energy and always feel exhausted. You often feel irritable or find it hard to talk to colleagues or friends without getting upset. You often feel sad and lose interest in everything, even activities or work you used to enjoy. All these signs could point to depression. Unfortunately, this would not be surprising if you had money problems like debt.

3.

Insomnia

According to the FP Canada Standards Council, 48% of Canadians say they’ve lost sleep over financial stress. With a recession looming, many people are feeling a great deal of uncertainty and fear about their ability to cope with the cost of living. This emotional imbalance can lead to financial insomnia. Your thoughts spin round and round in your head, and you can’t stop thinking about your debts and money worries.

4.

Physical pain

Financial stress can also lead to physical pain, such as headaches, neck and shoulder tension, muscle aches and so on.

5.

Social avoidance

When money is a problem and you’re not feeling well physically or mentally, sometimes you just don’t feel like seeing other people, be they colleagues or close ones. What’s more, going out is expensive. When your budget is already tight, it’s best to stay at home, you tell yourself. You turn inwards and feel ashamed. But by cutting yourself off from friends and family, you isolate yourself even further, which doesn’t really help matters.

6.

Denial

Some heavily indebted people refuse to face the truth and pretend the problem doesn’t exist. For example, to avoid facing reality, they never check their bank balances. That’s the worst thing to do. Even if you ignore them, financial problems don’t go away. The first step is to accept the situation and seek help from licensed insolvency trustees. There are always solutions.

In short, if you recognize one or more of the signs described above, it may be time to consult a health professional. Next, if you’ve accumulated debt and can’t get out of it, don’t wait to take action. Contact one of the licensed insolvency trustees at Raymond Chabot. The first meeting is free, confidential and judgment-free. We’ll take the time to listen to you and take a look at your financial situation. With the right support, you’ll gradually regain your financial peace of mind and feel better in every way.

Do you have a lot of debt? Don’t hesitate to contact one of our financial recovery counsellors. They can help you find solutions to reduce or eliminate your debt.