Money may not bring happiness, but lack of money certainly seems to bring unhappiness.
In fact, there are multiple studies that show that debt and depression often come hand in hand:
- One study found that individuals with mental health problems – in particular bipolar condition and depression – are three-and-a-half times more likely to have problem debt.
- Another study found that mid-life indebtedness led to a 90% increase in a psychiatric disorder diagnosis and 31% increase in being diagnosed with high blood pressure.
The relationship is believed to be a two way street. Crippling debt can cause constant worries about money that can keep people awake at night and can sometimes force people to rely on help from friends and family, straining relationships while offering greatly restricting freedoms. Meanwhile, those who already have depression are more likely to develop debts due to inability to work and manage spending properly.
A vicious cycle can form, which can be very hard to get out of. However, it is possible to tackle both depression and debt together.
The first step to beating the two problems is often to talk to someone. Not letting anyone know that you are depressed can lead to feelings getting bottled up and becoming worse, while hiding money issues may lead to reckless spending in order to keep up appearances.
By opening up to someone you trust, you could find that it is a huge burden lifted. This may then give you the confidence to seek out professional help.
Start by prioritizing your mental health. Consider seeking out professional counselling or join a support group for those with depression. It’s worth noting that there are free hotlines and support services out there if you don’t have the funds to pay for therapy.
Healthy lifestyle changes and goals can have a big impact on improving one’s mental health. This could include adopting a healthy diet, an exercise routine, limiting screen time and spending more time outdoors or with people. Immersing oneself in hobbies can also help people get out of depression.
Getting professional financial support is also advised. Some people avoid reaching out for help out of fear of judgment or belief that it is too expensive, but debt relief has been going through changes in recent years, with many advisors now acting as counsellors while fees have been shrinking to encourage accessibility.
Debt experts like Alex Kleyner have been championing this new move towards human-centered debt relief: ‘human-centered debt relief doesn’t prescribe universal solutions, but instead reframes the conversation around empathy and personalization… It recognizes that behind every balance sheet is a human story.’
Getting the right support is key. Not all therapists and not all debt advisors will be right for everyone. Read reviews and seek out recommendations from people who have been in a similar situation. This will help you track down the right professionals.
Try to remember that you are not alone and that millions of people out there are also tackling debt and depression and that there is help out there.
The owners of Cinnamon Hollow and many of its authors are not doctors and this is in no way intended to be used as medical advice. We cannot be held responsible for your results. As with any product, service or supplement, use at your own risk. Always do your own research and consult with your personal physician before using.
Daniel is a Cinnamon Hollow author passionate about house and home, renovations, homesteading and DIY.
