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New Survey Reveals The Massive Toll That Debt Is Taking On The Mental Health Of Americans

And this stress manifests itself in diverse ways. Almost half, or 48%, of survey respondents say it’s affecting their sleep, while 40% are grappling with increased anxiety. Social lives are also taking a hit for 38%, and symptoms of depression are apparent in 34% of respondents.

The impact of debt spills into personal relationships as well. A striking 60% admit that money troubles have led to conflicts with their loved ones. Within this group, an alarming 86% believe that the stress from debt is harming their relationships, and 55% claim it has broken trust with their significant others.

Not to mention, financial stress frequently creates a cycle that leads to even more financial issues. For example, 72% of respondents admitted that they’re likely to accumulate more debt when they’re stressed out.

Moreover, the research offers eye-opening data on how stress from debt influences spending behaviors. A concerning 38% have missed payments and incurred additional fees, claiming these lapses were due to their stress over debt. Further, 23% admit that managing their finances becomes more challenging due to stress, often falling short of debt reduction goals.

A notable 56% also feel guilty about making purchases; meanwhile, 53% are apprehensive about the idea of increased spending.

Lastly, more than a quarter of respondents– or 28%– acknowledge that the stress of debt leads to spur-of-the-moment spending, which only exacerbates their financial struggles.

Still, breaking free from the cycle of debt is possible with the right approach.

The survey recommends tackling high-interest debt first, commonly known as the “debt avalanche method,” as a way to find relief– especially from stress related to credit cards.

Utilizing budgeting tools and making mindful spending choices can also help Americans avoid needless expenditures.

Starting small to build a financial safety net is another effective tactic. Keeping an emergency fund in a high-yield savings account can provide a buffer for any unexpected expenses.

If you are considering seeking outside assistance, working with trustworthy debt settlement firms can be a good move, but it’s crucial to do your homework. Conduct research, read reviews, and ask questions to ensure you select a reliable company.

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