Dating off debt
“Debt can limit your potential and your personal well–being.”Once you acknowledge your debt, the reality can cause you to have anger toward your partner or yourself, says Marsden. And debt is harmful to your relationships, especially your marriage.“Arguments about money is by far the top predictor of divorce,” writes Sonya Britt, assistant professor of family studies and human services and program director of personal financial planning at Kansas State University.
“It’s not children, sex, in-laws, or anything else.
Millennials are especially sensitive about debt: 55% say they would feel judged if friends and family knew how much credit card debt they had.“Many millennials came of age during the recession, which could explain their fear of credit cards and the potential debt that comes along with using them incorrectly,” says Sean Mc Quay, Nerd Wallet’s in-house credit cards expert.
“Because of this bias, it makes sense that millennials see credit card debt as something that should be judged.”What separates the people who will cross the debt-free finish line from those who never will is a willingness to acknowledge how much debt you have, says A. Marsden, assistant professor of human services and psychology at Beacon College.
We had always talked about being debt-free, but never really put our money where our mouths were.
The shaky economy had us rethinking purchases, canceling vacations, selling stuff on e Bay, and making a budget for the first time.
And when the debt ratio starts creeping up, so do psychological and physical side effects.
People who struggle to pay off their debts are more than twice as likely to suffer from mental health issues including anxiety and depression, according to a study from the University of Nottingham published in the .
It’s an exclusive club, but there’s hope that it’s growing.Personally, I no longer wring my hands over late checks that can be common when you’re a freelancer.And my husband doesn’t have to stress over the health of his industry, because we aren’t dependent on maintaining a certain income level.“When people pay off debt, they’re going to say, ‘My stomach feels better, my heart feels better,’” Washington psychologist Carole Stovall told Fox Business.They also feel constantly under strain, hopeless, and incapable of decision making.“One striking finding of my research is that many people with debt problems describe feelings of being unable to concentrate on day-to-day activities or make normal decisions.This has wider effects on their attitudes and general health,” writes lead researcher John Gathergood.