The second story is more punitive. Debt isn’t just a consequence of living in a sophisticated civilization — it’s a sign of personal moral failure. The person who goes into debt can’t get a grip on their spending. They’re a slave to their consumerist desires, and they just can’t help themselves.
It’s hard to imagine the first story leading to personal well-being problems, but it is easy to imagine that the second might. Blaming yourself for your money situation is a great way to foster negative internal conversations about worthlessness — that isn’t good if wellness is the goal.
Regret
Regret is another emotion that tends to show up when people get into debt. Suddenly, they realize that life is passing them by, and they still haven’t gotten their finances on track. They feel ashamed that they have lost so much time and energy to pay off their loans. They beat themselves up for making what they see as poor financial choices.
Take students, for instance. Those with massive loans often self-attack later on for not going for a scholarship or working harder at the weekends to earn money during college. They blame themselves for not fully understanding the loans or the responsibility that they would bring. Research suggests that this kind of thinking is hurting graduates. Those who have more debt tend to have worse mental health scores than those with less.
Stress
Stress is another major factor that can affect how people feel about their debts. Often, you can wake in the morning, wondering how you’re going to clear the money you owe, given all your other responsibilities. You fear job loss even more because you know that even going a month without pay could leave you in a dire financial position.
Stress can also interfere with your capacity to make money. If you’re always worried about your financial position, it is much more challenging to concentrate on the work that will allow you to clear whatever money you owe and move on with your life. You’re stymied no matter which way you turn.
The Positives
There are also some positives associated with being in debt (and getting out of it), so it is not all bad. For instance, many people feel a distinct sense of satisfaction once they clear their loans. It feels like a real achievement and something to celebrate. For a lot of people, it is an affirmation that they really can achieve something hard if they put their minds to it.
Many people also experience a sense of elation. When they’re free from debt, they get a deep sense of relief that it is all over. That feeling can provide new positive impetus for them to get on with their lives and live purposefully. We should also note that clearing debt brings a strong sense of freedom for most people.
It feels good to get rid of a millstone around your neck and live freely. When people get out of debt, everything feels better. The days feel lighter, and work feels less intense. You have a sense that you have more options and can do pretty much whatever you like. You no longer have to focus on meeting monthly repayments. Suddenly, you have much more freedom in your life.
Insurmountable debt has several deleterious effects on the mind, many of which can be very severe. But there are multiple options for getting out of it. You don’t have to live with the status quo. Simply processing your emotions and facing the facts can help. If you tell yourself that you’re a slave to your debts — you’ll feel like one. But if you reframe it as a project, then it becomes much easier to deal with. Suddenly, it feels like other things in your life, like getting a degree or passing your driving test.
You also want to figure out strategies that help you to enjoy using your money more. So, for instance, spending money could always come with a pang of fear. You know that if you blow cash today, you’ll have less tomorrow to pay your debts. Cutting your spending to the bone until you clear your debts can help enormously here.
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