Debt is a financial crisis that can give you sleepless nights. However, not all debts are bad. The debts that are taken to shape up your future or as an investment in your future are necessary for you to move towards a better life. Such loans are student loans, mortgage loans, real estate investments, etc. When you start making careless expenses, and due to that, your debts become unmanageable, it creates a lot of stress. Such examples are high outstanding amounts on your credit card bills, taking several loans with high-interest repayment, personal loans, auto loans, etc. Such bad debts affect your mental health and emotional well-being adversely. So, it is recommended to get in touch with the debt collection defense lawyers Chicago

Debt affects mental health in the following ways:-

Anxiety: People in greater amounts of debt have stress levels higher than people who do not have such debts. Being in debt leads to serious psychological effects. It increases anxiety issues as you are constantly worried about becoming homeless, unable to afford basic necessities for your family, etc. Such anxiety, if not treated in time, can lead to serious physical health issues. 

Depression: Debt causes financial strain that some people do not know how to handle and come out of. This slowly makes them feel hopeless and lowers their self-esteem and confidence. With the passage of time, they sink into depression. Depression damages your mental well-being. You feel like isolating yourself from friends and family and end up damaging your mental health even more. This isolation and loneliness sometimes lead to a huge step like committing suicide. 

Anger issues: Debt problems lead to anger issues and irritation. The constant reminder of paying off the debt triggers your anger and resentment toward the people you owe a debt. Also, high levels of stress lead to anger and resentment, and people end up ruining their relationships with their near and dear ones. Such anger issues over time lead to heart diseases, high blood pressure, migraines, etc. 

Disturbed sleep: Our brain needs good quality sleep to function well and focus on our work. Huge amounts of debt impact the sleep cycle adversely. Excessive stress and tension do not allow them to sleep peacefully. In chronic stages, it leads to insomnia.

Being in debt is not a bad thing, but being in bad debt that leads to financial problems that hurt you and your loved ones can be a lot to take in. A good debt adds value to your life, whereas a bad debt can wreak havoc in your life. Therefore, you should prioritize your needs and decide what to spend on and what not to.