Finding Balance: Nurturing Debt and Mental Wellness

Having access to forms of credit and loan options can help you in times of need as well as set you up for financial success. However, there is also the possibility that debt can create added stressors and negatively impact your mental health if not managed responsibly. While on the journey toward financial freedom, it’s essential to recognize the connections between assuming credit card debt, building your credit score, making timely payments, and your overall well-being. More importantly, it’s essential to learn how to strike a balance that allows us to thrive financially and emotionally.

The Impact of Credit Worries

When credit card bills pile up and loan payments loom, it’s easy to feel overwhelmed and stressed. Countless studies have shown a connection between financial stress and mental/physical health issues, such as depression, anxiety, weight gain, and even cardiovascular issues. According to a survey of 2,040 young adults done by the American Institute of CPAs, nine out of 10 are impacted by financial stress daily. The weight of a credit score can be especially daunting, affecting our self-esteem and sense of worth. While this may all seem overwhelming, it’s important to remember you’re not alone on this journey. Identifying exactly what causes your stress is the first step toward addressing it and seeking solutions.

Identifying Signs of Credit-Related Stress

It's important to recognize the signs of credit-related stress before it takes a major toll on our well-being. Are you feeling constantly worried about your financial situation? Does credit card debt keep you up at night? These thoughts — as well as noticing changes in your sleep pattern, mood swings, or lack of focus — might be signs of stress. By being self-aware and acknowledging the impact debt worries can have on your mental health, you can empower yourself to take control of your situation.

Coping Strategies for a Healthy Credit-Life Balance

Balancing credit with mental well-being requires proactive measures — that’s why being self-aware is extremely important. To help cope with issues that arise, it can be helpful to start by incorporating self-care into your daily routine, whether it’s practicing mindfulness, going for a walk, or spending time doing a hobby you enjoy. Creating a budget to manage your finances effectively and setting realistic goals to ease credit burdens is a great way to get ahead of potential stress and to help lessen how overwhelming credit can be. Remember, it’s OK to talk about your debt concerns with friends and family to help lighten the load. Also, don’t hesitate to seek professional guidance from licensed counselors or financial advisers if needed. Remember you’re not facing this alone and there are resources to help you maintain the balance.

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