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Worrying about debt affecting mental health of Americans

Posted on 12-08-2017 Posted in Anxiety, Behavioral Health, Mental Health - 0 Comments

Worrying about debt affecting mental health of Americans

It is quite natural to worry about things like rising cost of living, education of children, liabilities, old age and inflation. Those who have liabilities like loans for car or house are burdened with yet another fear, that of the creditor breathing down their necks. A recent survey by the American Institute of Certified Public Accountants (AICPA) revealed that this fear could get converted into anxiety.

According to the survey, a resounding one-third of Americans indicated that they worried about their debt in general, which is normal. A bit of anxiety does one no harm and is in fact good because one is forced into action. A quarter indicated that they thought about it even when they went to bed that could adversely influence their circadian patterns, and nearly 18 percent revealed that they took their tension to work. Overall, 56 percent Americans admitted that debt had a negative impact on their lives.

The study also revealed that in comparison to the Baby Boomers (19 percent), the millennials (43 percent) were more prone to stress and anxiety. They were twice as likely to be worried about their debt despite both of them equally being under debt. Most millennials had firsthand exposure to the dangers of debt during the financial crisis. They were aware how their parents had saved and scrimped and how a bad debt cascaded into problems such as domestic violence, drug abuse and alcoholism. They are aware of the repercussions and tried their best to avoid it. They were aware that being in debt could have ramifications on employment opportunities as well. This has been explained by Sean Stein Smith, a member of the AICPA National CPA Financial Literacy Commission. According to him, “A second reason might have something to do with the relationship between employment opportunities and debt burdens — even as the labor market continues to show signs of strength, labor force participation rates and other indicators are still playing catch-up.”

The study also underlined what contributed most to the debt problem. Everyday expenses and bill payments were the prominent reasons with mortgages, car payments, health care costs and interest payments on credit cards falling behind. People who had outstanding student loans or had invested in luxury purchases or exotic vacations also felt the noose tightening, when they were unable to pay back in time.

Anxiety affect rich nations more

In May 2017, a poll conducted by the World Health Organization (WHO) indicated that people living in rich countries suffered from more anxiety issues, especially generalized anxiety disorder (GAD), compared to people living in poorer countries. According to the survey published in the JAMA psychiatry, “The disorder is significantly more prevalent and impairing in high-income countries than in low- or middle-income countries.” Thereby giving credence to the adage that riches do not bring happiness. In America, it is estimated that 40 million adults, or 18.1 percent of the American adult population, is afflicted by anxiety disorders, which makes it the most common mental illness along with depression. In most instances, anxiety is curable however, only 36 percent of those living with the disorder are likely to receive treatment.            

Seek help for anxiety-related problems

Early diagnosis can ensure complete recovery from anxiety disorders. Sovereign Health understands that patients suffering from a mental illness might be experiencing different symptoms and therefore, we make sure our diagnostic assessment is as accurate as possible. We undertake a thorough physical and psychological evaluation and only then come up with the most effective treatment plan.

At Sovereign Health of Florida, treatment for anxiety disorder includes cognitive behavioral therapy (CBT), family therapy, art and music therapy, equine therapy and more. All our patients receive an individualized, comprehensive treatment plan specific to their needs. For more information on anxiety disorder residential treatment offered at our safe and secure treatment centers or to know more about the best anxiety disorder treatment centers near you, call our 24/7 helpline 866-269-2493 or chat online with an admission specialist.

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