As the pandemic began in 2020, most Americans lost their jobs, resulting to get a loan to satisfy their needs in order to survive. Some of them spend a lot of money that exceeds the limit of the credit card. These people, who have debt, could not sleep at night, or sometimes “debt nightmares” occurs, due to financial obligations they are facing.
OnePoll conducted a survey on behalf of National Debt Relief that reveals the average American loses over 200 hours of sleep each year due to outstanding debts and has three “debt nightmares” each week.
In the survey, seven out of ten people believe that a “black cloud” hangs over their heads when they have to pay a bill or loan, and 71% believe that debt has negatively damaged their mental health permanently, as per Yahoo! Finance.
It also stated that those who are struggling with debt have reported increased anxiety (38%), tension (33%), and moodiness (32%), and 69 percent of those who have been in debt said it has caused them to withdraw from the activities they enjoy.
While 77 percent of respondents would feel uncomfortable spending money on leisure products knowing they are in debt, three in five participants also admit to feeling forced to spend money they cannot afford in order to conceal their financial condition.
Hiding debt can lead to loneliness
If they want to successfully deal with debt and the unpleasant emotions that come with it, experts advise being upfront and honest with your family and loved ones.
According to Insurance News Net, Natalia Brown, National Debt Relief’s chief client operations officer, said that hidden debt can cause emotions of loneliness and embarrassment around friends and family members, as well as pressure to purchase items that cannot afford.
As per the report, Brown also recommended some habits that improve the financial picture in both the short and long term while also assisting in staying out of debt. This involves developing wise spending habits that are consistent with financial goals, obtaining health insurance to avoid costly out-of-pocket medical expenses, and establishing automatic savings.