The Impact Of Debt On Mental Health In Singapore – Debts are a common problem worldwide, and Singapore is no exception. With rising living costs and increasing debts, it’s becoming harder to keep up with bills, repayments, and other financial obligations. But did you know that debt problems can also severely impact mental health?
This article will explore how debts can affect mental health in Singapore. Read on!
It’s widely known that financial troubles can cause stress or anxiety, but what exactly happens when someone has chronic debt problems? Studies show that individuals with overwhelming debts are at higher risk of developing depression or anxiety disorders than those who don’t experience such difficulties.
This is because debt makes it challenging to cope effectively; it often leads to feelings of helplessness or hopelessness, which causes more significant distress over time.
Moreover, people experiencing long-term indebtedness may develop negative coping strategies such as avoiding calls from creditors or ignoring their bills entirely – these behaviors only worsen the situation by adding more stressors over time.
In addition to its tangible effects on finances & livelihoods- one factor deeply affecting one’s psychological well-being while dealing with heavy debt is a stigma surrounding indebtedness within society.
This stigma results from cultures where there exists an expectation for self-reliance rather than seeking external monetary aid (i.e., borrowing), making individuals feel ashamed about their inability to manage personal finances efficiently, leading them into denial mode viz-a-viz remedies such as reaching out to professional assistance due fear judgment based attitudes towards those finding themselves burdened by loans/debt traps even if they’re not alone facing similar circumstances.
The shame associated with having large amounts of unpaid money owed creates negative emotions like guilt & humiliation, which further exacerbates both symptoms related to mental health and the challenges involved in finding solutions to get out of debt.
Debt problems have profound effects on one’s mental well-being. These can take many forms, including:
These symptoms are likely because when someone’s constantly worried about finances – it triggers an ongoing cycle where psychological strain hinders proper restorative sleep cycles essential for maintaining adequate physical health too!
If you’re struggling with your debts’ impact on your mental health, don’t suffer alone! There are various resources available right here in Singapore:
In conclusion, debts have a profound impact on one’s mental well-being. It triggers emotional turmoil with physical symptoms that require immediate attention and assistance from professionals or support networks like Credit Counseling Singapore (CCS). With the proper guidance and strategies to manage your finances, you can overcome the crippling effects of debt while protecting your overall well-being!
Looking for a professional and reliable debt collector in Singapore? Contact us today!