Emotional effects of short-term debt problems

On behalf of The Rollins Law Firm posted in Debt Relief on Wednesday, May 13, 2015.

One of the financial struggles individuals here in Tennessee sometimes face are problems with short-term debt. Some examples of short-term debt problems are having overdue bills and having overwhelming levels of credit card debt.

There are many different options a person might have for trying to seek debt relief in relation to short-term debt struggles they are facing. Among the things bankruptcy attorneys can provide individuals who are dealing with difficulties regarding short-term debt with are explanations of the different available options for debt relief and information on what sorts of things can impact which options might be the best for addressing a given short-term debt problem.

Addressing short-term debt problems in the right way (given a person's individual circumstances) can be very important for individuals facing such problems. This is because short-term debt problems, if not addressed in a proper manner, can have some pretty big negative implications for a person. Such problems not only can have major negative financial impacts on a person, they can also be very emotionally tough on a person. This can be seen in a recent study.

The study analyzed data that came from interviews that were conducted of 8,500 people. The interviews were conducted in the late 80s and the early 90s. Among the things that individuals were asked about in the interviews were their debt situation and how often they experienced depressive symptoms.

In their review of the data from the interviews, the study's researchers looked at whether there were any associations between certain debt situations and a person's frequency of experiencing depressive symptoms. The researchers found such an association when it came to short-term debt. The study defined short-term debt as overdue bills and credit card debt. The researchers found that there was an association between having more short-term debt and experiencing more in the way of depressive symptoms.

Do you think that experiencing struggles with short-term debt can make a person more likely to feel depressed? What aspects of short-term debt problems do you think have the greatest capacity for being emotionally challenging for a person?

Source: Money, "The Scary Link Between Credit Card Debt and Depression," Christine DiGangi, May 6, 2015

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