This last year has tested everyone’s mental health. If you’re finding yourself slipping deeper into debt, whether because your hours have been cut, you’ve lost your job and/or you’ve had to deal with medical bills, you may have become so focused on what you’re going to do about it that you may not even have realized the emotional toll it’s taken on you.
Student loan debt, which most all college graduates and those with advanced degrees are dealing with to some extent, can throw all of your finances into a precipitous condition. It can lead to other kinds of debt, like mounting credit card bills.
One survey of people with student loan debt found some troubling impacts on mental health. For example:
- Ninety percent said their debt caused them anxiety.
- Over half said their debt had caused them to experience depression.
- One in 15 said their debt had caused them to consider suicide.
These are significant figures that indicate just how much debt weighs on someone’s mind.
Debt and self-worth: How they connect
One person who writes and speaks about the intersection of mental health and money notes that much of our self-worth is tied to what we do for a living, how much we earn and how much we owe. She says, “Right now, so many people are unemployed, so many people are in debt, you don’t need to internalize that and let it hurt you.”
There are a lot of outside forces that none of us can control. However, taking control where you’re able to can make a big difference.
Bankruptcy may let you take control again
One option to consider may be bankruptcy. While student loan debt typically can’t be discharged in bankruptcy, other debts can. This can help you be better able to manage your student loan debt and your everyday expenses more easily. By seeking legal guidance, you can learn more about your various options and choose the one that will work best for you.