Debt Settlement is All We Do

Posted on: May 9, 2023

The Impact of Debt on Your Mental Health: How to Cope


Debt can be a significant source of stress and anxiety that can leave you feeling spent and drained. You’re not alone. In fact, studies have shown that debt is a pervasive problem for many Americans. According to a recent report by the Federal Reserve, total household debt in the U.S. was $17 trillion in the fourth quarter of 2022.  On top of that, the Urban Institute found that one in four households in Pennsylvania have debt that is in collections, meaning that they are behind on payments and their debt has been sent to a collections agency. This debt burden can leave many feeling overwhelmed and helpless, but it’s important to remember that you have options. In this post, we’ll explore the impact of debt on your mental health, offer some tips for coping, and discuss how our firm, SPENT Debt Relief, can help.

Debt is strongly linked to mental health issues such as stress, anxiety, and depression. If you’re struggling with debt-related stress, there are several actionable ways you can start reducing your debt load and improving your mental health:

  • Create a budget: Start by creating a budget that tracks your income and expenses. This will help you identify areas where you can cut back and start paying down your debt.
  • Prioritize your debts: Make a list of all your debts, including the interest rates and minimum payments, and prioritize them based on the highest interest rate or the smallest balance. Then focus on paying off the highest-priority debt first while making minimum payments on the others. Paying off your debts starting with the smallest balance is called the Snowball Method. Use our Debt Snowball Tracker to keep track of your debt payments.
  • Seek debt relief from SPENT Debt Relief: If you feel like you’re out of options and unable to manage your debt load, SPENT Debt Relief can help. Our experienced debt relief lawyers can negotiate with your creditors to reduce your debt and create a payment plan that fits your budget. 

At SPENT Debt Relief, we understand the toll that debt-related stress can take on your mental health. That’s why we offer affordable and effective debt relief services to help our clients regain their financial stability and reduce their stress levels.

Remember, you’re not alone in your struggle with debt. Many Americans are facing similar challenges, and it’s important to reach out for help if you need it. Don’t let debt leave you feeling spent – contact us today for a free consultation and start your journey to financial freedom.

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