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Is credit card debt and depression linked?

On Behalf of | May 3, 2015 | Credit Card Debt |

Many people in Wisconsin have significant credit card debt. Living with credit card debt can take a big toll on your life, including your emotional and mental well-being. A new study found that credit card debt may impact your life much more than you realize. 

The study found that people living with credit card debt and have other unpaid household bills have an increased risk of depression. Researchers said that single people, people close to retirement and people with less education are more likely to have depressive symptoms if they have a lot of credit card debt.

Researchers said that this is the first study to analyze how different kinds of debt affect a person’s risk for suffering from depression. They said that this study could help to new strategies to reduce financial stress as well as help mental health professionals understand some of the causes of depression if patients have a lot of debt. 

This is an important study to be aware of as credit card debt levels continue to increase among Americans. The study’s findings are not that surprising. Living with credit card debt and not being able to pay your bills can be very stressful. Many debtors feel like there is nowhere to turn and that they have no options to get out of debt.

This is not true. Individuals struggling with credit card debt may be able to file bankruptcy to help them get a fresh financial start. There are strict eligibility requirements to meet but if you are eligible and your claim is approved, you can have your credit card debt discharged and will no longer be responsible to pay back that debt. 

Every bankruptcy case is unique and requires a skilled attorney to review the specific factors in your case.


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