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Living on Less

As financial pressure mounts more people are turning to credit to make ends meet. The problem is that debt besides being hard to pay off can hurt your mental well-being

These days it is hard to find anyone who is not making use of credit to make ends meet. With the way things are going up all the time(not your salary though) you are probably having to use credit to get by. Food prices in SA have gone up by around 14% over the last 12 months alone.

One of the less acknowledged side effects of debt is its negative impact on your mental well being and enjoyment of day to day life.

Debt Stress And Feeling Bad

When pestered by collections emails, SMS, messages, automated calls, visits from collections agents etc it is obvious that you will feel stressed. Those things are designed on purpose to stress you into paying your debt to make them stop.

Recently the South African Depression and Anxiety Group conducted some research and count that 46% of those surveyed felt stress as the main reason for negatively impacted mental health.

86% of those surveyed said financial pressure was one of the biggest factors contributing to the worsening of their mental health.

‘Being unable to support your family, being unable to pay people you owe money to… negatively impacts your mental health’

Being unable to support your family, being unable to pay people you owe money to, having to skip social activities your friends are busy with all negatively impacts your mental health and feeling of well being.

Debt also limits your ability to relax and unwind. It limits your ability to turn to others you rely on for assistance and support (as you may have already done so but are still under financial pressure and cannot repay them). Many people want to hide their financial stress and so cannot talk to those who are closest to them. This is also bad for your mental well being. 

Those with debt are normally trying to work more, not less. So less time to rest and recooperate. Much like a computer or phone that is misbehaving it is good to “turn it off and back on again”. A break may be just what you need to regain your mental balance but normally this is not a possibility for those dealing with crushing debt.

This is why debt review is such a great option because it solves many of these issues. It allows for the feeling of panic to disappear. A Debt Counsellor will even help their client budget for needed activities and costs each month. Nothing is left out so there are no nasty surprises down the line.

With that stress sorted consumers under debt review can begin to work on other things like relationships with family and friends. Not having to work yourself to the bone means you can slowly get the rest you need (or at least not be so tired all the time). You sleep better, you treat those closest to you better.


Don't Worry, Get Some Advice

Having a positive outlook for the future is also a great help and can assist in maintaining good mental health.

If you feel your debt is negatively impacting your mental health, chat to your local NCR registered Debt Counsellor.