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Studies have found that going into debt and mental health or defaulting on your obligations can lead to illness.
Debt and Mental Health
Debt can be harmful to your health. Studies have proven that people who go through a financial crisis are more likely to develop mental health problems than those who do not face financial difficulties.
Research carried out by the University of Southampton and Kingston University in England (2013) analyzed the relationship between health problems and debt. In this it was detected that more than 25% of the participants who were in debt had mental health problems.
In a 2014 study conducted by Elizabeth Sweet, an anthropologist at the University of Massachusetts researching the relationship between debt and health, it was found that debt can play a role in the onset of debt and mental health problems.
The analysis, which involved 8,400 people between the ages of 24 and 32, measured the relationship between debt and health taking into account factors such as socioeconomic status, family income and pre-existing health conditions.
(Here:Generation X, the most indebted in the country)
Among the most important findings is that debt affects the younger population and that nearly 20% of those surveyed said that even if they liquidated their assets they would still be in debt. Similarly, people with debts equal to or greater than their total income had the worst health conditions.
According to the study, people who report significant financial debt compared to their available assets experience higher levels of stress and depression, poorer overall health, and higher diastolic blood pressure.
The majority of existing studies in this regard relate diseases such as stress, anxiety and depression to difficult economic situations. Likewise, for experts such as clinical psychologist Jonathan Irreño Sotomonte, these mental illnesses can trigger physical problems such as gastrointestinal, lumbar or headache diseases.
(Here:December debts will accompany Colombians until the middle of the year)
There is no official document linking mental health conditions to financial conditions in the country. However, when treating the patient, we get to the reasons that led to the development of said disease, and the debts are usually associated,”
Irreño explained about Debt
According to Irreño, on many occasions these relationships arise due to the expectations generated by the loan application, since the vast majority of people tend to take loans for studies, buy the house or vehicle of their dreams, as well as travel and Buy things that meet your needs.
However, when you review the numbers and realize that you have reached over-indebtedness, frustration usually arises, which destabilizes your emotional state. As well as a fear of losing assets, guilt and shame.
“Many people are overconcerned about these debts or financial problems which lead them to have symptoms such as anxiety and depression. They may even have sleep disturbances, night terrors,” Irreño explained.
From his experience, the specialist has detected that there are three financial commitments that are commonly associated with patients who present this type of diseases: mortgage loans, educational loans and drop by drop.
For the first, Irreño assures that the mere fact that there is a fear of losing family assets can have an impact on people’s mental health. Such situations often affect family dynamics to the extent that family members often hold the individual responsible for decisions made, leading to isolation. Consequently, the burden of symptoms associated with mental illness increases. he explained.
Compared to educational loans, the time a person plans to pay their debt is a factor that generates frustration and can have an impact on depression.
“Another financial problem that can trigger a psychological problem is dripping debt. When threatening behaviors or fear of danger to the life of the debtor or those close to them occur, the level of anxiety and depression clearly increases,” commented the psychologist.
HOW TO ACT IN THIS SITUATION?
For Irreño, the main thing is the existence of a balance between emotional intelligence and financial intelligence. “It is very difficult to tell a person who has emotional intelligence if they manage stress or anxiety or depression when they continue to maintain a total imbalance in their financial life. Therefore, these two points must be complemented with prior education and treatment,” he said.
Likewise, specifically on the psychological issue, some protection methods that you can take are:
* Seek information on how to resolve financial commitments.
*Have some type of distraction that takes you away from keeping your mind focused on your financial problems.
* Have healthy habits: eat well, sleep well, do physical activity. This will help mitigate anxious or depressive symptoms.
* Create family strategies to improve symptoms and to fulfill obligations.
* Seek help at the right time.
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