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Does Card Card Debt Cause Depression?

depression-credit-cardDoes Card Card Debt Cause Depression?

Anyone that has the burden of debt knows how it feels. That sinking feeling in your stomach. The inability to sleep at night. The avoidance when friends invite you to the movies or dinner. Well, it’s not just you, its science. A recent study shows a sure link between household debt and depression.

The link between debt and depression is strongest among single people, people near retirement, and those who are less educated. The study found short-term debt like credit cards and student loans had more depressive symptoms than long-term debt that was seen more as an investment in the future, like a mortgage. People in debt are three times more likely to have mental health issues than those that are debt free. Of course, for person with credit card debt or student loan debt all of this makes complete sense. Short-term unsecured debt is burdensome, but you may not realize how much the depressive effects of debt impact all other aspects of your life. How many times daily do you think of your debt?

Action plan: If your debt is causing depression that is affecting your sleep, your work life, and your social life it’s time to make a change. Contact a qualified debt negotiation attorney and learn about the many options you have to get out of debt. Working with a qualified debt negotiation attorney can result in the weight of the burdensome debt being lifted from your shoulders and your everyday life.

 

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Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.