Understanding the Psychological Effects of Debts
Understanding the Psychological Effects of Debts
Stress is a common term that all people are familiar with. According to psychological researches, one of the biggest causes of stress is financial worry. This is not surprising, considering the waning value of the dollar plus the emergency financial situations.
Almost all Americans own a credit card. Credit card loans fall under the category of unsecured loans and cash advance loans. The mere possession of a credit card triggers a person to debt. Thus, accumulating a cash advance loan is accumulating a debt. And when debt is incurred, stress is incurred as well. Financial surveys proved that financial troubles like unpaid debts and bankruptcy are the root causes of stress no matter how big or small the amount is.
Cash advance loans relieve us from stress caused by an emergency and unexpected financial crisis, but the relief is momentary. In the long run, cash advance loans, since they are a form of debt, causes negative psychological effects to people. Some of these effects are anxiety, depression, strained relationships, ill-temper, self-loathe, and mid-life crisis.
Anxiety results when one starts to worry on where to get money to pay the debt. The regular concern for this leads to depression. This is usually common in long term cash advance loans. An unpaid debt that gets too high often causes strains in relationships among partners and family members. This results to fights, blaming, and violence towards others.
When anxiety and depression becomes regular, a person becomes ill-tempered. The short temper of a person often manifests on how one interacts with the children in the family. Taking out the frustration caused by unpaid cash advance loans on the children will lead them to think that the debt is their fault. Such a depressing environment is not emotionally fit for children and this negative psychological effect lasts until children grow up.
All these feelings combined can result to mid-life crisis. Debts build up a self-loathing attitude. Others blame their immediate partners for the bondage of the depressing unpaid cash advance loans. Oftentimes, this causes divorce among married couples. Mid-life crisis is a manifestation of the thinking that the life you are leading isn't right for you anymore. Therefore, when planning to incur a debt, one must also plan and get ready for the psychological costs of it.
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