Are your negative feelings tied to your overwhelming debt?

Like many New Mexico residents, you likely have your finances on your mind. However, rather than the simple thought of reviewing your savings or checking account, you may think about money constantly throughout the day. You may think of your debt as you buy lunch or wonder what purchases you can skip in efforts to save a few dollars.

Unfortunately, many people facing serious debt issues have such worries and thoughts that plague them throughout their day. Even if you know you need something, you may still try to think of ways to go without because your finances are in such rough shape. Significant debt can easily take a toll on you and others in more ways than you may have anticipated.

Emotional impacts

At first, you may not realize how many of your emotions are tied to your financial problems. However, debt can cause you to experience a number of emotions, including:

  • Depression: You may feel depressed because you believe that you will never get out from under your crushing debt.
  • Anxiety: You may experience anxiety anytime you need to spend money or even think about making a purchase.
  • Frustration: You may feel frustrated when the efforts you make to save money have little impact on your overall financial situation. You may even feel frustrated that an unavoidable event led to your debt problems, like losing your job during a layoff.
  • Fear: You could fear losing your home, car or other property if creditors start foreclosure or repossession proceedings.
  • Embarrassment: You may feel embarrassed that friends or family members are in better financial situations than you, even if your debt resulted from something out of your control.
  • Resentment: You may begin to resent yourself for getting into the situation, resent your friends for being better off than you or even resent a spouse for contributing to your household debt.

At times, it may seem like these feelings are as overwhelming as your debt itself. Understandably, it can be a struggle to find a way out.

Considering bankruptcy

If your financial situation has reached a point where you are experiencing these negative feelings, you may want to consider filing for bankruptcy. This debt relief option may help you get back on track and work toward a more stable financial future. A successful case could allow you to feel relief, hope and accomplishment in the end.