The toll bankruptcy takes on people mentally, physically and emotionally
People often ignore difficult problems. Debt is not a problem that can be ignored. Debt doesn’t just take a toll on your finances. It can lead to illness; marital problems, work-related problems, and other consequences.
Bankruptcy Canada has provided the following symptoms of debt problems:
- Are you making only minimum payments on you credit cards?
- Are you struggling to pay your monthly debts on time?
- Are you using your overdraft most months?
- Are you using credit because you don’t have the money for everyday expenses?
- Do arguments about money cause problems in your family?
- Are you charging more each month than you pay on credit?
- Are your credit cards, line of credit or overdraft overdrawn?
- Are credit collectors calling you?
- Are you considering consolidating your debts?
Toll Bankruptcy Takes on People – Stress
Stress shows itself in many ways – sleepless nights, reluctance to answer the phone for fear it’s a bill collector, and constant worry.
Toll Bankruptcy Takes on People – Anger
This phenomenon is called Debt-Anger Syndrome.
Instead of facing reality, debtors get angry. They are angry at their creditors who phone them for payment; angry at their employer for not paying them more; angry at their spouses for not understanding; angry at their kids for needing new clothes; and angry at themselves for getting into this situation.
Toll Bankruptcy Takes on People – Depression
People deny, stress out and lash out in anger over debt. After they work through those stages, the bills are still there waiting for a solution. That’s when depression sets in.
Hopelessness sets in, and low self-esteem. This can lead to even more debt, because debtors commonly go on shopping sprees to cheer themselves up.
Toll Bankruptcy Takes on People – Relief
The good news about debt and depression is that the solution is simple and straight forward.
You just need to get control of your debt. It is difficult to do, but it can be done if you get a plan and stick to it.
The mere act of starting to get control of your debt is a positive first step. If your debt is too great to get control of on your own a Licensed Insolvency Trustee can offer cost effective ways for you to get a fresh financial start.