{"id":4644,"date":"2024-07-15T13:30:26","date_gmt":"2024-07-15T13:30:26","guid":{"rendered":"https:\/\/www.beyondfinance.com\/blog\/?p=4644"},"modified":"2024-07-23T17:50:06","modified_gmt":"2024-07-23T17:50:06","slug":"connecting-the-dots-between-debt-and-depression","status":"publish","type":"post","link":"https:\/\/www.beyondfinance.com\/blog\/connecting-the-dots-between-debt-and-depression\/","title":{"rendered":"Money Matters: Connecting the Dots\u00a0Between Debt and Depression"},"content":{"rendered":"\n<p>When your corporate mission is to move people beyond debt and transform their lives, you must hear stories about how financial struggles affect someone\u2019s mental health.&nbsp;<\/p>\n\n\n\n<p>Our agents are empathic and offer warm conversation to provide a customized debt consolidation solution. In the process, clients share stories that range from sad to troubling to heartbreaking experiences.&nbsp;<\/p>\n\n\n\n<p>At <a href=\"https:\/\/www.beyondfinance.com\/about\/\">Beyond Finance<\/a>, we are proud to have served over 300,000 clients and paid off $1 billion in debt. Those stories are in the past. And their future is now in sight.&nbsp;<\/p>\n\n\n\n<p>Debt can impair a bank account or stop the progress of an entire household. Financial struggles have various implications for personal relationships. If debt has that lasting impact, those struggles could erode someone\u2019s self-worth, confidence and emotional wellness.&nbsp;<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"267\" src=\"https:\/\/www.beyondfinance.com\/blog\/wp-content\/uploads\/2024\/07\/2015-04-stress-common_tcm7-183914_w1024_n.jpg\" alt=\"\" class=\"wp-image-4651\" style=\"width:350px\"\/><\/figure>\n<\/div>\n\n\n<p>There is nothing novel about struggling with debt or the discovery of how it can create serious mental health issues. According to the American Psychological Association, <a href=\"https:\/\/www.apa.org\/monitor\/2015\/04\/money-stress\"><strong>72% <\/strong>of Americans feel stressed about money<\/a> <strong>each month<\/strong>. On a more alarming note,<strong> 22%<\/strong> of people report feeling extreme financial stress every month.<\/p>\n\n\n\n<p>As we have shared, <a href=\"https:\/\/www.beyondfinance.com\/newsroom\/tag\/acute-financial-stress\/\">Acute Financial Stress<\/a> is a real thing that can lead to true depression and damage to emotional wellness. <a href=\"https:\/\/www.debt.org\/advice\/emotional-effects\/\">Debt.org shares<\/a> how current economic numbers skyrocketed and most likely took emotions (and blood pressure) with them.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Grocery prices were <strong>up 5.8% in 2023<\/strong>, slated to rise <strong>another 2.9 in 2024<\/strong>. The average family of four<strong> spends $700-$1,000 extra each month<\/strong>, based on pre-pandemic prices<\/li>\n\n\n\n<li><span style=\"box-sizing: border-box; margin: 0px; padding: 0px;\">As of October 2023, housing prices were up&nbsp;<strong>4.7% annually<\/strong><\/span>, with a<strong> median home price of <\/strong>$412,000.<\/li>\n\n\n\n<li>Medical care hasn\u2019t fared well either, costing the average family of four <strong>$31,000<\/strong>.<\/li>\n\n\n\n<li>As of August 2023, even car insurance<strong> increased 11%<\/strong> in the U.S.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How Debt and Depression Connect<\/strong><\/h2>\n\n\n\n<p>Our <a href=\"https:\/\/www.beyondfinance.com\/newsroom\/thought-leadership\/\">financial experts<\/a> have discussed the many feelings related to economic issues and emotional stress. The guilt of missing payments and fear of getting behind on bills can lead to shame and overwhelming anxiety after a prolonged time dealing with collections, emptiness and, eventually, depression.&nbsp;<\/p>\n\n\n\n<p>The <a href=\"https:\/\/www.moneyandmentalhealth.org\/money-and-mental-health-facts\/\">Money and Mental Health Policy Institute<\/a> believes an intrinsic cycle affects people globally. They cite that people with depression and problem debt are<strong> 4.2 times more likely to still have depression 18 months later<\/strong> than people without financial difficulty. The genesis of that cycle begins with the money but ends with an emotional struggle that can lead to several mental health problems.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-us.googleusercontent.com\/docsz\/AD_4nXcmVVN2K8FbTRftmEI7DpoupUXzVDW0rW9BEufdV3wCbiRTml0ZcVnaEv0oPa3EpUnV30Zz7nf8RZet0wPOddfhLbADdIooZcYSWz5zSvlW7hgP_nnAki2Ao375o-db8pT47E0w7tmgI1cySeHnGTnJz4rM?key=v5HqjY5mtkRKajRhZ71mVQ\" alt=\"Debt and depression cycle, from &quot;Money and Mental Health Policy Institute&quot; \"\/><\/figure>\n\n\n\n<p>One of our client financial therapists, Nathan Astle, CFT-I, wrote in <em>Psychology Today <\/em>an idea that validates this cycle\u2013a mental health connection that underscores why debt and depression are connected.&nbsp;<\/p>\n\n\n\n<p><em>\u201cMoney is not just about numbers; it\u2019s about the emotions attached to it. Recognizing and managing these emotions is key to achieving financial well-being. By incorporating emotional evidence into financial action and decision-making, we can navigate uncertainties with greater confidence and clarity.\u201d<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Disconnecting the Financial Effects of Emotional Struggles\u00a0<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"538\" src=\"https:\/\/www.beyondfinance.com\/blog\/wp-content\/uploads\/2023\/04\/Debt-Stress-Banner-01-1024x538.jpg\" alt=\"Financial stress is attached with emotional literacy\" class=\"wp-image-3861\" srcset=\"https:\/\/www.beyondfinance.com\/blog\/wp-content\/uploads\/2023\/04\/Debt-Stress-Banner-01-1024x538.jpg 1024w, https:\/\/www.beyondfinance.com\/blog\/wp-content\/uploads\/2023\/04\/Debt-Stress-Banner-01-300x158.jpg 300w, https:\/\/www.beyondfinance.com\/blog\/wp-content\/uploads\/2023\/04\/Debt-Stress-Banner-01-768x403.jpg 768w, https:\/\/www.beyondfinance.com\/blog\/wp-content\/uploads\/2023\/04\/Debt-Stress-Banner-01-1536x807.jpg 1536w, https:\/\/www.beyondfinance.com\/blog\/wp-content\/uploads\/2023\/04\/Debt-Stress-Banner-01-2048x1076.jpg 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.experian.com\/blogs\/ask-experian\/consumer-credit-review\/\">Experian reports<\/a> that the average American has a little over <strong>$96,000 in debt<\/strong>, including credit card debt, automobile loans and mortgages. That debt causes <strong>60%<\/strong> of Americans to feel anxious about their finances, and <strong>63%<\/strong> don\u2019t expect their economic situation to improve.&nbsp;<\/p>\n\n\n\n<p>As we all navigate through the debris increased debt causes, it\u2019s crucial to our mental and physical health to learn ways to manage our debt better and reduce financial stress. Remember those stories we hear? Despite the origin of any financial problem, it\u2019s essential to know that it doesn\u2019t matter. What happened is done. It\u2019s time to get support and break that cycle.&nbsp;<\/p>\n\n\n\n<p>How you do that requires some work.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Learn what you can pay.<\/strong><\/h4>\n\n\n\n<p>Listing your expenses is essential in determining what you can afford to pay for your monthly debt. Put your monthly payments in one category, entertainment in another, and whatever else needs to be separated to help you understand your financial landscape.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Be practical about what you can do.<\/strong><\/h4>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.beyondfinance.com\/blog\/wp-content\/uploads\/2024\/07\/iStock-83590515-1024x683.jpg\" alt=\"Woman sitting on ground watching her bills \" class=\"wp-image-4647\" style=\"width:350px\" srcset=\"https:\/\/www.beyondfinance.com\/blog\/wp-content\/uploads\/2024\/07\/iStock-83590515-1024x683.jpg 1024w, https:\/\/www.beyondfinance.com\/blog\/wp-content\/uploads\/2024\/07\/iStock-83590515-300x200.jpg 300w, https:\/\/www.beyondfinance.com\/blog\/wp-content\/uploads\/2024\/07\/iStock-83590515-768x512.jpg 768w, https:\/\/www.beyondfinance.com\/blog\/wp-content\/uploads\/2024\/07\/iStock-83590515.jpg 1254w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<p>Financial obstacles come in many forms, such as large loans, student expenses and credit cards, but debt and depression do not have to stay connected if you have realistic goals. <\/p>\n\n\n\n<p>Allot certain amounts to specific bills, sums you can afford each month without putting additional burdens on yourself.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Rediscover your self-worth.<\/strong><\/h4>\n\n\n\n<p>Debt is something you have; it\u2019s not what you are. Those bills and phone calls determine the problems happening to you, but only your identity determines the person you\u2019ve become. The next time you miss a payment, give yourself some grace. Try working with the credit card companies directly and gain some confidence instead.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Search for assistance.<\/strong><\/h4>\n\n\n\n<p>Look at your situation as you make your lists and determine your plans. Do you need help? Consider the person in the mirror before you inspect those things in the mail. Financial therapists are available who understand the unique balance between debt and depression. Look at the <a href=\"https:\/\/financialtherapyassociation.org\/find-a-financial-therapist\/\">Financial Therapy Association<\/a> or an <a href=\"https:\/\/findanafc.org\/\">Accredited Financial Counselor<\/a> in your area for the emotional peace you need.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Get a financial partner.<\/strong><\/h4>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"724\" height=\"483\" src=\"https:\/\/www.beyondfinance.com\/blog\/wp-content\/uploads\/2024\/07\/iStock-1820110435.jpg\" alt=\"Who is your financial partner?\" class=\"wp-image-4648\" style=\"width:350px\" srcset=\"https:\/\/www.beyondfinance.com\/blog\/wp-content\/uploads\/2024\/07\/iStock-1820110435.jpg 724w, https:\/\/www.beyondfinance.com\/blog\/wp-content\/uploads\/2024\/07\/iStock-1820110435-300x200.jpg 300w\" sizes=\"auto, (max-width: 724px) 100vw, 724px\" \/><\/figure>\n<\/div>\n\n\n<p>Negotiating and paying your debt is something you can do on your own. You can call your credit cards in hopes of streamlining your payments, but if at any time you believe a partner can get you a better outcome, find one. <\/p>\n\n\n\n<p>Some reputable organizations do not look for upfront fees, creating confusion and additional burdens in your debt journey.&nbsp;<\/p>\n\n\n\n<p>Beyond Finance has helped clients achieve financial freedom since 2011. With an <a href=\"https:\/\/www.beyondfinance.com\/testimonials\/\">A+ rating from the Better Business Bureau<\/a> and <a href=\"https:\/\/www.trustpilot.com\/review\/beyondfinance.com\">4.5 out of 5 stars on Trustpilot<\/a>, we think we\u2019re pretty good at what we do. If you need to speak with someone here, it\u2019s <a href=\"https:\/\/www.beyondfinance.com\/free-evaluation\/\">free of cost or attached strings<\/a>. Whatever you do, know that you are not alone and that moving beyond debt is possible. You\u2019re worth it.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you don&#8217;t have money, you feel bad. Make that happen for years, feeling get worse. What&#8217;s the connection between debt and depression?<\/p>\n","protected":false},"author":7,"featured_media":4645,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kadence_starter_templates_imported_post":false,"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[14],"tags":[20,160,53,48,18,161,45,69,56],"class_list":["post-4644","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-things-debt","tag-acute-financial-stress","tag-american-psychological-association","tag-beyond-finance","tag-credit-card-debt","tag-credit-cards","tag-depression","tag-financial-literacy","tag-financial-wellness","tag-mental-health"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Money Matters: Connecting the Dots\u00a0Between Debt and Depression - Beyond Finance<\/title>\n<meta name=\"description\" content=\"If you don&#039;t have money, you feel bad. 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