Facing money problems can put a considerable strain on Tennessee residents’ lives. Credit card debt can be a prime factor in a person having financial issues, and being unable to pay off such debt could lead to emotional struggles as well. However, individuals do not have to feel as if they are tethered to their debt forever. Management options may be available for struggling parties.
A recent report indicated that there could be a link between symptoms of depression and short-term debt. The report stated that individuals with credit card debt can find themselves under a substantial amount of stress due to the inability to pay their bills. As a result, their chances of depression may increase as their emotional state becomes overwhelmed by their situations. However, there is also the possibility that pre-existing depression could potentially lead to debt rather than the other way around.
Other studies have reportedly also found some correlation between individuals with poor mental health and debt. These links, however, have not been found between forms of long-term debt. It is speculated that in many cases long-term debt is considered more of an investment for the future rather than a burden on a current living situation, such as unpaid bills.
Credit card debt can become a seemingly unbearable situation for many individuals. If a Tennessee resident is also suffering from depression, the idea that debt can be overcome may seem unreal. Luckily, there are real options available for managing debt, and information on bankruptcy and other relief options may help individuals work toward a healthier and financially stable life.
Source: CNBC, “Does credit card debt lead to depression?“, Tom Anderson, May 4, 2015