Studies have shown that around 80% of Americans are in debt, which isn’t a small amount! 

That means that if you walk past 10 people in the street, eight of them will be in some kind of debt, whether that’s credit cards, loans or things like car finance agreements.

What isn’t talked about so often is the impact that being in debt has on the rest of your life. It’s not just a matter of leaving you short on cash. Being in debt can have a real impact on your wellbeing.

Depression and anxiety

According to the BBC, there is a strong link between debt and depression. It’s a bit of a vicious cycle. People with mental health issues are much more likely than others to end up in debt, because spending can be a part of their coping strategy or a symptom of their illness. 

On the other hand, being in debt is also a trigger for depression because it can cause people to feel as though they can’t get out of it, and that it’s really holding back their lives. 

Debt is also a cause of anxiety. It can induce worry in people trying to plan how to meet all of their monthly payments, and knowing that they aren’t able to put any money aside in case unexpected situations like redundancy and ill health mean that they aren’t able to earn for a while.

If you are feeling depressed as a result of debt, it’s important that you seek help by visiting your doctor, who will be able to refer you on to a professional who can help you.

Damaging to relationships

Being in debt can also have a detrimental effect on your closest relationships. Being in debt is a source of worry and stress, and if you are feeling that way over a long period of time it’s difficult to make the effort that’s needed to keep a successful relationship going.

People can also turn against each other as a result of debt. It’s easy for partners to blame one another for the debt being built up – especially if someone actually was directly or indirectly responsible.

In this situation it can become increasingly difficult to talk about what’s happening, which causes the situation to worsen.


If people are in debt, it’s common for them to simply avoid thinking about the issue because they think that there is no way for them to resolve it.

For a lot of people, there is a way out of debt if they can convince themselves to really confront the issue. Some people find that loans for debt consolidation allow them to more easily manage their monthly repayments, and start actually clearing some of the debt.

Other people find that with careful financial planning they can create a budget that allows them to pay off their debt over time, by cutting down on unnecessary expenses.

If you are in debt you don’t have to suffer alone. Get in touch with a specialist debt service to help you to assess your options, and find a way through.