In Western societies it is increasingly common to incur debt, whether to start professional projects, to pay a high-value liability such as a home to live in, or even to pay other debts. It is such a common phenomenon that there are social circles in which even not having any debt to pay comes to be seen as an opportunity cost; That is, a sign that we are not taking advantage of all the resources at our disposal to capitalize by investing money.
Now, research in the field of mental health and behavioral sciences carried out over the years has shown that These debts can have a significant psychological impact in the people who contract them and that in the long run can become real health problems if the situation is not well managed.
What psychological alterations can arise when facing debt?
Although each person faces their problems in a specific way, there are a series of common problems that tend to arise when living with excessive debt. This does not mean that going into debt in itself is something that triggers mental problems, but it does mean that there are a series of risks that go beyond the purely economic and that we must be aware of.
Below we will briefly see the main ways in which debts can affect us on a psychological level. They do not have to appear all at once in the same person, and their particularities depend on each individual.
The feeling of guilt is very common, especially in those people who went into debt without thinking carefully about the consequences that said debt would have in the long term, phenomena that are not valued enough, such as the payment of high interests.
Betting on short-termism instead of carefully evaluating the pros and cons of getting into debt ends up generating a feeling of guilt and intense discomfort which can develop other psychological problems such as anxiety or stress.
Feelings of guilt are also common in people who have certain types of addiction that facilitate debt, such as pathological gambling (pathological gambling), or addictions to all types of illegally sold drugs.
2. Feeling of vital stagnation
High debts can be perceived as something that chains us to a certain lifestyle and They limit our freedom to make any type of financial decision
This inability to do what we want with our money at any time often generates a feeling of vital stagnation, in which the person may experience symptoms of stress or anxiety when seeing that they cannot use their money as they would like.
Many people who contract high debts tend to feel that their money does not belong to them, which generates a feeling of being permanently tied to the debt and not being able to enjoy the purchase of goods or services with our own money.
3. Low self-esteem
Another of the psychological effects of financial debts is found in the drastic decrease in self-esteem in people who have contracted them and in a feeling of inferiority that can progressively increase.
Self-esteem is an essential component of our personality with which we daily analyze our performance or our value as people at all levels and almost always the fact of contracting certain debts has a very notable impact on its levels.
This lowering of self-esteem often happens when the person compares themselves to those who do not have to carry a lot of money in debt and also when they remember that they cannot fully enjoy their money, which poses a very negative and pessimistic scenario.
Another of the feelings that people in debt usually experience is a feeling of exacerbated humiliation, especially in those more conservative societies or those that place more value on the moral rectitude defined by society.
It is common to feel humiliation and shame for having dishonored one’s family or known people, and this is also experienced when comparing oneself with other people in one’s environment.
4. Anxiety
Symptoms and disorders related to anxiety commonly occur in people with debts of all types due to the pressure they feel at all times to pay the amount owed once and for all.
The need to save to prevent the debt payment from becoming increasingly higher and the constant and recurring thoughts about one’s own debt also generate great discomfort in the person and are the cause of anxiety symptoms.
5. Depression
Although the effect of debt depends on the particular characteristics of each person and their ability to face adversity, scientific research has shown that Depressive symptoms or disorders often develop in the person who incurs debt
The constant frustration of those who go into debt, the shame that may be felt, the general discomfort, anguish and sadness at finding themselves in this unpleasant situation can end up generating cases of depression that can occur together with other disorders such as anxiety, stress or addictions.
6. Insomnia
Debts also have a great impact on people’s sleeping habits, leading to cases of insomnia and all kinds of problems falling asleep or having long, restful dreams.
The constant worry about debts incurred is related in the long run to mental and physical fatigue that sometimes means that the person cannot sleep properly or rest properly at night.
7. Changes in character
All of these psychological problems can occur separately or be interrelated which in turn can modify the person’s mood or daily character.
This phenomenon manifests itself in mood changes, irritability or verbal aggression towards other people in our environment and difficulties in relating satisfactorily on a social level.
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