Managing Debt Stress: Signs, Causes & Coping Strategies

Being in debt is never fun. In fact, it can be downright stressful! But with rising rent prices and student loans, debt stress is a reality for most people. In fact, the average American has around $90,460 in debt.

If you’re carrying debt, you know the weight isn’t a physical burden—it’s a mental and emotional one.

The Symptoms of Debt Stress 

Is being in debt having a negative impact on your mental health? Check out the tell-tale signs of debt stress and learn what to do next.

Overwhelming Emotions

We all know the old saying “money can’t buy happiness,” but financial security at least helps you sleep a little bit better at night. When you find yourself in a situation where money is tight and credit card balances are increasing, there’s a constant pressure and even guilt for letting it happen in the first place. Financial stress is no joke.

Constant Anxiety

It’s normal to feel anxious whenever you’re handling money and finances. Surprising no one, there’s a correlation between high credit card debt and anxiety or depression. Because it’s so stressful and such a source of discomfort, some people, unconsciously or not, tend to put it off altogether. As it turns out, avoidance isn’t a great strategy for dealing with debt and mental health.

Social Withdrawal

Perhaps intentionally or not, being in debt leaves you with less free time. Whether it’s due to overtime at work, no money to spend for personal entertainment, or simply because you’re too ashamed to go out of your home, social withdrawal is common and can contribute to mental illness.

Anger and Resentment

Debt is rough on anyone, but especially for families and married couples. Sometimes, it even becomes the cause of lasting discontent. So much so that a study from Utah State University reveals that money problems are often a prequel to divorce.

When you’re stuck in the depths of the debt hole, it can feel overwhelming and you might have the urge to just quit. But pick up your head, make a plan, and just take one step at a time, one day at a time. You’re not going to pay off your debt all at once, what matters is that you start and keep going.

If you’re ready to get a handle on debt, try creating a budget and put YNAB’s loan planner tool to good use with a free 34-day trial that will help you reprioritize your spending and saving, get organized with your finances, and pay down your debt.

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Allie Cooper is a financial education enthusiast and budgeting guru. In her spare time, she enjoys joining marathons and cooking steak (budgeted for, of course).