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3 Grave Emotional Effects of Multiple Debts

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When you have multiple debts to pay off in the same month, it will take a toll on your emotional health. When it comes to loans, they are more than just money. Trapped in the web of numerous debts will make you emotionally drained leading to psychological problems. Did you know that an average college student in the US graduates with a huge $40,000 loans? It includes also those who pursue higher education or switched majors. To be honest, approximately one out of five students in America is plagued with $50,000 in debts, based on the findings of the Federal Reserve Board Survey. Whether it is mortgage loans, car loans, medical debt, or personal loans, US citizens have some kind of loans that they need to pay off to the creditors.

Numerous debts affect people in several ways. One may show serious symptoms of depression, anxiety, mood swings, irritation, anger, and other psychological problems.

According to an article published on, there is a strong relationship between debts and mental wellbeing of an individual. According to an eminent clinical psychologist, Dr Richardson, debts may result in serious mental health issues as well as affect relationships in the days to come. The solution is consolidating all your small debts into one single loan at reduced interest rates. You know debt causes health concerns. Here are the three most serious emotional effects of multiple debts:

1. Bitterness

Debt can have a detrimental effect on all. It will affect people in a relationship, marriage, or partnership. One spouse may feel bitter towards the other partner as he has to deal with debt. It is nothing but venting out frustrations. People blame their spouses for not earning enough, sticking to the relationship despite the loans, losing a job, or complain about the spending habits of the wife. To be candid, arguments turn ugly in divorce cases when the family is drowned in huge debts. The information has been based on the findings of Sonya Britt, who is an assistant professor related to family issues at Kansas State University. Huge debts also affect a family’s emotional well-being, according to the Royal College of Psychiatrists.

Family members depending financially on a person with debts withstand the worst of the attack. College students with loans blame their parents and counsellors for not being transparent about the adverse effects of a student loan.

It is not your wife or husband, who is a victim of anger and resentment. Even your coworkers, managers, office boss face the same problems if a particular employee is plagued with multiple debts. One may resent the employer for not giving enough increments or not paying sufficient salary.

2. Extreme anger and annoyance

Extreme anger and annoyance
When you have too many loans to pay off and collection agencies are making your life impossible, it is a challenging situation. Yes, it is difficult to accept. Your condition may worsen if you suffer from extreme anger, frustration, and annoyance with everything around you. Using the borrowed money is one thing when you pay for your education and get a degree or shop, go for vacations, or have dinners at plush restaurants. Then, you need to pay off the amount if you have been using your credit card to enjoy the luxuries of life. The best option is looking up debt consolidation reviews of lenders or banks near you. It will help you take a consolidated loan that best suits your needs. Make an informed decision and then take a consolidated loan.

Debts may also arise from unanticipated incidents like loss of employment; identify theft, divorce, a medical condition in the family, or a major home renovation. Based on the studies by Nerd Wallet, 56 million US adults are finding it difficult to pay off medical bills. It is one of the primary reasons, why Americans suffer due to bankruptcy. All these factors make people drowned in debt angry and frustrated, affecting family and social life.

3. Constant worry and stress

Debts bring with constant worry and stress. When you have thousands of dollars to pay to your creditors with lack of funds, it is natural to feel worried and stressed. You do not know how to cope with your financial dilemma and dig out of your multiple debts. It affects your health seriously. Debt-related stress also leads to increased stress levels at your workplace. More so, if there is a loss of employment, bringing disaster to you and your family. You cannot spend on little things like taking your lunch or buy gas for fueling your car to get to the office. These things lead to additional stress and poor mental health.

Did you know that 64 per cent of graduates in the US worry continuously because debt interferes with their optimal functioning? The American Psychological Association has revealed the information. Studies also show the higher the debt-to-asset ratio, the higher is the possibility of worry, stress, and anxiety. If left untreated, stress may become chronic.

Debt-related stress affects your daily activities and the way you work. Besides, it can also rob you of the happiness of spending money when you are plagued with too many loans. An associate professor at San Francisco State University has revealed the information, teaching psychology. If you have debt stress, then spending money on new clothes, shoes, the latest smartphone, or a trip with your friends will not make you joyous. In normal situations, these things make people happy and help in beating stress. However, when you are drowned in debt, splurging on the comforts and luxuries of life will make you feel more stressed than ever. There is no doubt about the same.


Therefore, we recommend that you consolidate all your debts into one and pay off the borrowed amount in a short period and reasonable monthly rates of interest. It will help you lead a happy and fulfilling life without debt. In case of serious health concerns, always consult a doctor. Bury your debts and financial burden to stay happy and healthy. This way, you can get rid of the negative effects of debt in the days to come.

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