The Link Between Credit Card Debt and Depression

Estimated reading time: 3 mins

As an individual, it can be difficult to keep track of one’s finances. It is easy to become overwhelmed by the amount of debt that is accumulating and this can often lead to feelings of depression and despair. For many people, credit card debt is one of the most common causes of this kind of distress, ultimately resulting in a cycle of negative emotions and financial struggles. In this article, I will explore the link between credit card debt and depression, discussing the implications for individuals who are struggling with either issue.

At its core, credit card debt occurs when an individual borrows money from a bank or other financial institution in order to purchase goods or services. This loan must then be repaid over time with interest added on top. While it is possible to use a credit card responsibly – such as by paying off the balance each month – many people find themselves in a situation where they are unable to do so due to their financial circumstances. As a result, they are left with large amounts of outstanding debt which they may struggle to pay back over time.

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This type of debt can have serious implications for mental health. Studies have shown that individuals who suffer from significant levels of credit card debt are more likely to experience symptoms of depression than those without any form of unsecured borrowing. One reason for this could be the feeling of being trapped in an endless cycle: no matter how hard you work or how much you try to save money, your debts remain largely unchanged. This demoralising feeling can lead some individuals into deeper states of distress which require professional help in order to overcome them successfully.

In addition, there is also evidence that suggests that having too much available credit can actually increase an individual’s risk for depression as well as other mental health issues such as anxiety and substance abuse disorders (SAD). This is because having access to large sums of money encourages reckless spending habits which further compound existing problems rather than solving them effectively in the long term.

Moreover, research has shown that individuals who suffer from significant levels of credit card debt are more likely to experience reduced self-esteem compared with those who do not have any form of unsecured borrowing at all. This could be due in part to feelings associated with being unable or unwilling to meet their commitments regarding loan repayments; not only does this add further pressure onto already strained resources but it also creates a sense that one has failed at managing their finances effectively – something which many people take great pride in doing correctly regardless of their financial circumstances.

Studies have revealed links between stress caused by unmanageable levels of debt and physical health problems such as high blood pressure, heart disease and stroke – all conditions which may further contribute towards feelings associated with depression if left untreated or undiagnosed appropriately by medical professionals alike.

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While it is important for individuals suffering from excessive levels of credit card debt to seek appropriate help before matters worsen further still – either through professional advice provided by organisations such as Citizens Advice or through legal action taken against lenders where necessary – understanding the potential impact on mental health should also be taken into consideration when dealing with personal finance issues at large. Taking steps such as setting realistic repayment goals which fit within one’s budgeting limits could prove invaluable in both preventing future occurrences and addressing existing problems before they become unmanageable entirely.

Ultimately, there appears to be clear evidence highlighting links between excess levels of credit card debt, decreased mental wellbeing outcomes, reduced self-esteem, increased physical health risks, higher stress levels and ultimately deeper states associated with depression. By taking proactive steps towards understanding these connections better still, we may begin moving closer towards finding effective solutions aimed at breaking out from cycles related not just financially but emotionally too.

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