Beyond Finance’s chief financial wellness officer and financial therapist, Dr. Erika, appears next to the text "self-care" and a self-care icon

Video: Credit Card Debt & Mental Health

ByBeyond Finance Team

In this ~1:40 minute video, Dr. Erika Rasure, Beyond Finance’s Chief Financial Wellness Officer and Financial Therapist, explains:

  • The inherent link between credit card debt and mental health issues
  • What other areas of your life debt can bleed into
  • How you can combat the stress and worry of debt

Transcript of Video:

Credit card debt can feel like a constant weight on your shoulders. Those never-ending payments and the stress of just trying to keep up — that can build up fast. And it can all take a real toll on your mental health.

In a recent survey of American consumers, 52% of people said credit card debt negatively impacts their mental health. This constant stress can lead to anxiety and depression, and sometimes those physical symptoms like headaches and insomnia. All this can bleed into your relationships, and even affect your work as a constant source of worry and distraction.

So what can you do to combat the worry of debt?

  • First, practice self-care and manage anxiety. Ignoring debt and the feelings that come along with it can make stress a lot worse. So begin to practice stress management techniques like exercise, meditation, deep breathing, or even journaling. 
  • Next, make a plan that works for you. You don’t need to pay everything off overnight. Focus on those small, achievable milestones like saving an extra five dollars or cutting one expense per month. Progress, no matter how small, builds momentum.
  • And finally, talk to someone. Debt stress can feel so heavy, but you don’t have to carry it alone. Talk to a trusted friend or family member. Sharing the reality of the situation with someone else can make it feel a lot more manageable.

And most importantly: remember that your worth has nothing to do with your net worth. Many people find themselves in debt for all kinds of reasons. Financial struggles happen. But they don’t need to define you, and they don’t need to be permanent. 

You are not alone in this. And with small steps, you can create a debt-free future.