Carrying debt is rarely a boon to anyone’s financial or mental health. But the nature of the debt might determine how severe the impact ultimately is on our well-being.
Recently, the health website Innerbody polled 1,063 people about their accumulated debt and other aspects of their finances and lifestyles. All survey participants had at least one type of debt.
Among these respondents, just 11.2% said they had no mental health issues that stemmed from their debt.
The toll such stress takes on mental health can include:
- Stress: Cited by 60.4% of respondents
- Anxiety: 48.7%
- Depression: 44.3%
- Restlessness: 19.8%
Survey respondents said the following are the worst types of debt for their mental health.
4. Auto loan debt
Survey participants who said this type of debt has the greatest negative impact on their mental health: 7.8%
Buying a car is among the greatest expenditures most of us make during the course of our lives, so it is only natural that it would cause us some stress.
If auto loan debt has haunted you in the past, try to get a better deal the next time you borrow. For more tips, check out “4 Steps to Getting the Best Deal on a Car Loan.”
3. Student loan debt
Survey participants who said this type of debt has the greatest negative impact on their mental health: 16.6%
The national debate swirling around student loan forgiveness is a reminder of just how toxic this type of debt has become for millions of borrowers.
If you are looking for a way out of education debt, find out about the “11 Ways to Pay Off Student Loans Fast.”
2. Credit card debt
Survey participants who said this type of debt has the greatest negative impact on their mental health: 28.9%
For decades, credit card debt has been a major drain on the finances of millions of Americans.
If you are deep in the red, stop by Money Talks News’ Solutions Center and find help with credit card debt that can put you back in the black.
1. Mortgage debt
Survey participants who said this type of debt has the greatest negative impact on their mental health: 35.6%
For most people, a mortgage is the biggest debt they will ever have. So, it only makes sense that this is also the debt that wreaks the most havoc on their emotional well-being.
For help getting rid of the home loan albatross, discover the “7 Painless Ways to Pay Off Your Mortgage Years Earlier.”
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