Debt doesn’t just affect your wallet; it can affect your mental well-being. Debt can feel heavy. Debt can feel insurmountable. And, even though debt is common among most American households, it can make some feel ashamed. None of these emotions is easy to deal with. It can be a vicious cycle with debt causing mental stress and mental stress freezing your ability to move forward with a debt plan.
Think about smaller, more manageable steps to get off the debt/stress hamster wheel. Consider…
- Seeking support from loved ones. Some of the people closest to you may have also struggled with debt and can empathize with you and maybe even provide some suggestions that worked for them. At the very least, seeking support from a loved one will provide you with a place to vent and receive comfort.
- Celebrate the small wins. Chipping away at debt has a compounding effect so even paying off small amounts can have a big impact. Celebrate when you reach milestones along your debt journey. It will boost your motivation.
- Forgive yourself. Stop blaming yourself for accruing debt and instead, create a plan—mentally or on paper—for how you will avoid getting into debt again.
- Keep learning about financial matters and know the tools and resources available to help you strengthen your financial wellness.
If your finances are impacting your mental health and your ability to navigate daily activities, reach out to our employee assistance program, Revive (formerly BHS), for mental health support seven days a week, 24 hours a day at 800-327-2251.