How debt can take a toll on your mental health
- 8 months ago
Debt is an inescapable part of life for many Americans, affecting not only our financial stability but also our mental health and relationships.
Debt stress is real and pervasive, leaving many feeling like they’re drowning in debt and depression.
With a staggering 77% of American households dealing with some form of debt and the cost of living continuing to rise, the pressure of managing debt can negatively impact the well-being of Americans.
A new survey by Forbes Advisor uncovered the impact debt has on Americans’ mental health and how debt affects our relationships, spending habits and outlook on future financial prospects.
How Americans Fall Into Debt
Many Americans find themselves tangled in debt, and there are common reasons why this happens.
● 55% of respondents cited economic circumstances as the principal factor driving them into debt.
● 48% of respondents attributed their debt to the pervasive influence of advertising and consumerism.
● 42% identified difficulties in tracking and controlling their spending as a primary reason for their debt burden.
Where does most of this debt come from? Three-fourths (75%) of people point to credit cards as the main reason they’re in debt. Personal loans are not far behind, with 68% of respondents citing them as a big source of what they owe.
Mortgages cause a lot of financial stress too, with 66% saying mortgage payments contribute significantly to their debt. Over half of the respondents (55%) highlight medical bills as a major reason they owe money.
Together, these factors paint a picture of why so many Americans struggle with debt and how difficult it can be to escape.
How Debt Impacts Mental Health
Dealing with debt isn’t just a financial challenge; it also has significant effects on mental health. According to the survey, 54% of respondents share that they often or always feel stressed by their debt circumstances. Another 32% say they sometimes feel stressed because of their debt.
As a result of debt-related stress, 48% of the respondents reported experiencing sleep difficulties, 40% noted an increase in anxiety levels, 38% reported a diminished social life, and 34% indicated they have depression.
These responses make it clear that debt doesn’t just affect our wallets—it has a serious impact on our mental well-being, making it even more important to find ways to cope and seek help when needed.
How Financial Stress Impacts Relationships
Debt doesn’t just stress out individuals—it puts a strain on relationships, too. A significant 60% of people say that their financial stress has led to disagreements in their relationships.
Of those experiencing debt-related stress, a whopping 86% believe it's hurting their relationships, with 55% saying it’s resulted in a loss of trust between themselves and their loved ones.
The Cycle of Stress and Additional Debt
When people are stressed about money, it often leads to even more financial trouble. In fact, 72% of respondents say they’re somewhat or
Debt stress is real and pervasive, leaving many feeling like they’re drowning in debt and depression.
With a staggering 77% of American households dealing with some form of debt and the cost of living continuing to rise, the pressure of managing debt can negatively impact the well-being of Americans.
A new survey by Forbes Advisor uncovered the impact debt has on Americans’ mental health and how debt affects our relationships, spending habits and outlook on future financial prospects.
How Americans Fall Into Debt
Many Americans find themselves tangled in debt, and there are common reasons why this happens.
● 55% of respondents cited economic circumstances as the principal factor driving them into debt.
● 48% of respondents attributed their debt to the pervasive influence of advertising and consumerism.
● 42% identified difficulties in tracking and controlling their spending as a primary reason for their debt burden.
Where does most of this debt come from? Three-fourths (75%) of people point to credit cards as the main reason they’re in debt. Personal loans are not far behind, with 68% of respondents citing them as a big source of what they owe.
Mortgages cause a lot of financial stress too, with 66% saying mortgage payments contribute significantly to their debt. Over half of the respondents (55%) highlight medical bills as a major reason they owe money.
Together, these factors paint a picture of why so many Americans struggle with debt and how difficult it can be to escape.
How Debt Impacts Mental Health
Dealing with debt isn’t just a financial challenge; it also has significant effects on mental health. According to the survey, 54% of respondents share that they often or always feel stressed by their debt circumstances. Another 32% say they sometimes feel stressed because of their debt.
As a result of debt-related stress, 48% of the respondents reported experiencing sleep difficulties, 40% noted an increase in anxiety levels, 38% reported a diminished social life, and 34% indicated they have depression.
These responses make it clear that debt doesn’t just affect our wallets—it has a serious impact on our mental well-being, making it even more important to find ways to cope and seek help when needed.
How Financial Stress Impacts Relationships
Debt doesn’t just stress out individuals—it puts a strain on relationships, too. A significant 60% of people say that their financial stress has led to disagreements in their relationships.
Of those experiencing debt-related stress, a whopping 86% believe it's hurting their relationships, with 55% saying it’s resulted in a loss of trust between themselves and their loved ones.
The Cycle of Stress and Additional Debt
When people are stressed about money, it often leads to even more financial trouble. In fact, 72% of respondents say they’re somewhat or