There are a lot of things in this life that can cause people to struggle on a psychological level. Michigan residents who are dealing with significant debt or who find themselves chronically in debt are likely aware of the mental burden being in such a position creates. A study on the link between financial instability and mental health was recently released, and its findings are pretty interesting.
Researchers working out of the National University of Singapore conducted a study to see how reducing a person’s debt burden would affect that individual’s mental health. A total of 196 participants who met the qualification of being chronically in debt were asked to take part in a debt relief program. Before and after the study, which lasted three months, each individual was asked to take a survey that measured anxiety levels, decision-making skills and cognitive functioning. The study found that those who were able to eliminate some of their debt accounts showed significant improvement in their psychological health and cognitive functioning.
At the end of the day, the study showed that being in debt is mentally exhausting. Those who are constantly dealing with debt issues struggle to make decisions that will actually improve their situations. This inability to better the situation makes it difficult to stay motivated to make changes to fix the problem or to seek out real solutions rather than quick fixes.
Michigan residents who are in debt and feel they have no way out of it need to know that they do have options. An experienced bankruptcy attorney will have the ability to look over one’s financial information and offer actual solutions — bankruptcy being only one available option. With the right help, improving one’s debt situation, and in turn, easing one’s mental burden is possible.
