How Debt Affects Mental Health

Edited by Hannah Locklear

Has debt got you down? If you’re one of the millions of Americans with a mortgage, credit card debt, student loan, or auto loan, you likely have some thoughts about your obligations — and those thoughts are probably not positive. In fact, being in debt can impact your mental well-being and even your physical health.

Sued for debt? Resolve it through debt settlement.

A recent study found that debt exacerbates mental health problems

Most people can relate to the stress of owing money and not having the funds to pay a bill. Even if you have the cash, it will reduce your bank balance, making it harder to pay for other things, like food and living expenses. If you’re constantly shifting funds to make ends meet, your debts can affect your mental health.

The top debt for Americans is a mortgage, followed by credit cards. Over half of Americans have a monthly mortgage. Nearly as many have credit card obligations.

According to a survey by Innerbody, most people with debts experience mental health symptoms as a result.

Nearly 61% of respondents felt stressed when thinking about their debt. Similarly, 48.7% cited feelings of anxiety, and 44.3% experienced depression. One-fifth of respondents felt restless about their debts. Only 16% of survey participants said they experienced no mental health problems regarding their obligations.

Most respondents felt that their mortgage was the most significant source of their mental health concerns brought on by debt, while credit cards were close behind.

Do you need help responding to a collection agency’s debt lawsuit? Try SoloSuit’s Debt Answer template.

Debt can reduce your quality of life

Having debt isn’t just hard on your mental health; it can also adversely impact your quality of life. According to the Innerbody study, nearly all survey participants indicated they didn’t take certain actions because of the debt they owed.

For instance, 65% reported that they didn’t take a vacation, and 38% delayed having children because of concerns about money.

Even more concerning is that 31% of consumers put off routine doctor’s appointments because they were concerned about the cost and how it would impact their ability to pay their obligations. Delaying health care means that medical conditions may be overlooked, potentially affecting the individual’s life span.

Watch the following video to learn how to write make debt collectors verify your debt with a Debt Validation Letter.

Try to avoid overextending yourself with debt

Unfortunately, debt is a major part of life. Few people can get by without taking on some form of debt, whether to get through college, buy a house, or purchase a vehicle.

However, it’s pretty easy to overextend yourself. Using a credit card to cover unexpected car repairs, signing on to an expensive student loan when you’re 19 and don’t fully understand the implications, and taking on a larger mortgage just before your spouse loses their job are a few common ways that Americans get trapped in debt.

Let’s consider an example.

Don’t let debt get you down

It’s all too easy to tell someone to let go of their financial problems. However, serious debt issues can affect your mental health and overall well-being. It’s time to be proactive and find a solution to move past your debt-related stress.

Is a collection agency suing you for an old debt? Resolve your debt today with the help of SoloSettle.

What is SoloSuit?

SoloSuit makes it easy to fight debt collectors.

You can use SoloSuit to respond to a debt lawsuit, to send letters to collectors, and even to settle a debt.

SoloSuit's Answer service is a step-by-step web-app that asks you all the necessary questions to complete your Answer. Upon completion, we'll have an attorney review your document and we'll file it for you.

>>Read the FastCompany article: Debt Lawsuits Are Complicated: This Website Makes Them Simpler To Navigate

>>Read the NPR story on SoloSuit. (We can help you in all 50 states.)

How to answer a summons for debt collection in your state

Here's a list of guides for other states.

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Guides on how to beat every debt collector

Being sued by a different debt collector? Were making guides on how to beat each one.

• Absolute Resolutions Investments LLC
• Accredited Collection Services
• Alliance One
• Amcol Clmbia
• American Recovery Service
• Asset Acceptance LLC
• Asset Recovery Solutions
• Associated Credit Services
• Autovest LLC
• Cach LLC
• Cavalry SPV I LLC
• Cerastes LLC
• Colinfobur
• Covington Credit
• Crown Asset Management
• CTC Debt Collector
• Cypress Financial Recoveries
• Delanor Kemper & Associates
• Eagle Loan of Ohio
• Educap
• Estate Information Services
• FIA Card Services
• Forster & Garbus
• Freshview Solutions
• Fulton Friedman & Gullace LLP
• Harvest Credit Management
• Howard Lee Schiff
• Hudson & Keyse LLC
• Integras Capital Recovery LLC
• Javitch Block
• Jefferson Capital Systems LLC
• LVNV Funding
• Mannbracken
• Mariner Finance
• Medicredit
• Michael J Adams PC
• Michael J Scott
• Midland Funding LLC
• Mullooly, Jeffrey, Rooney & Flynn
• Mountain Land Collections
• MRS Associates
• National Collegiate Trust
• Nationstar Foreclosure
• Northstar Capital Acquisition
• NCEP LLC
• NRC Collection Agency
• OneMain Financial
• Palisades Collection LLC
• Pallida LLC
• Paragon Revenue Group
• Pinnacle Collections Agency
• PMAB LLC
• Portfolio Recovery Associates
• Provest Law
• PYOD LLC
• Reunion Student Loan Finance Corporation
• Revenue Group
• Regents and Associates
• RSIEH
• Salander Enterprises LLC
• Second Round Sub LLC
• Security Credit Services
• Sherman Financial Group
• Suttell and Hammer
• T-Mobile
• Transworld Systems
• Tulsa Teachers Credit Union
• UCB Collection
• Velo Law Office
• Velocity Investments
• Waypoint Resource Group
• Weinberg and Associates
• Wolpoff & Abramson

Win against credit card companies

Is your credit card company suing you? Learn how you can beat each one.

• Bank of America
• Capital One
• Chase
• Credit One Bank
• PayPal Synchrony Card
• SYNCB/PPEXTR
• Synchrony Bank
• Target National Bank
• Wells Fargo

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