Are you in debt? Many people are. I came across an article in Psychology Today that shows correlation between financial and mental health. It seems that if you are depressed, you are more likely to be in debt – and as I think we all know – if you’re in debt, you’re more likely to be depressed. This is a vicious cycle, but the article does offer some insight into what to do about it, and the best time to approach both issues.
Your debt may cost you more than just interest. Research shows there’s a clear link between your financial health and your mental health and your debt may serve as a tangible representation of your psychological state.
Approximately 35% of Americans have delinquent debt, according to a 2014 report published by the Urban Institute (link is external). Overdue debts average around $5,178 and usually include a mixture of credit card balances, medical bills and unpaid utilities.
And that’s just personal debt. Most small business owners also have some form of business debt. A 2012 Wells Fargo/Gallup Small Business Index poll found that 36% of business owners are uncomfortable with their company’s debt..
Read the full article on Psychology Today.
Image is from the same article, sourced from Fotolia.com.