Over-indebtedness and emotional distress
What is the correlation between over-indebtedness and emotional distress. Many South Africans facing financial challenges experience a range of emotions, such as failure, embarrassment, depression, and anxiety. The list goes on, and many people reach a point where they can no longer deal with it and commit or attempt suicide.
Peer pressure...
Most individuals are subjected to peer pressure. Always having to have the best, the most beautiful, being tiny, too overweight, too much money, or too little money. As if dealing with all these issues daily wasn't difficult enough, you must also manage to keep up with the Jones's and not show that you can't afford to buy an expensive purse or the latest car that you purchased in order to stay true to what society considers acceptable. This scenario leads to over-indebtedness and, ultimately, emotional distress because of unsustainable liabilities that can't be paid off.
Over-indebtedness and its impact on people's emotional well-being?
The relationship between excessive debt and emotional well-being.
How over-indebtedness affects individuals and company owners daily, and
How to navigate this challenging terrain plagued with desperation and despair.
At least that's how it feels for the poor guy battling with his finances.
What kinds of emotions will an individual experience if they are over-indebted?
Consumers who are over-indebted typically experience
emotional distress, like feelings of:
1. Anxiety
2. Despair
3. Depression.
4. Shame
5. Hopelessness
6. Sense of failure
Do people commit suicide because of over-indebtedness?
Yes, these emotions can be overwhelming at times, and some people commit suicide to relieve anxiety and stress about their financial circumstances.
DEBT ADDICTION IS REAL!
Consider this statement. Does it make sense? Debt addiction affects many South Africans. Debt addiction could result from retail therapy. Most individuals purchase products blissfully unaware that they can become over-indebted in the future.
What do many people do when they feel depressed?
We go to the shops and buy a new pair of shoes, a new outfit, or just ice cream; anything that's going to make you feel better. We have alcoholics who drink when life becomes overwhelming, and then there are drug addicts who take drugs when life becomes unbearable.
‘Retail Therapy’
I believe that many people are oblivious to the fact that so-called retail therapy is a major contributor to debt addiction. Buying things, you can't afford just for the purpose of making yourself feel better or to fit in with a social group. Is this statement, ‘DEBT ADDICTION IS REAL‘ really that farfetched?
Delayed gratification does not exist in our society. Today, you can get accounts to pay for food, unlike in the past when people lived on what they could afford and saved up for that lovely dress, shoes, or car, or made their own clothes because it was less expensive to buy the fabric than the dress.
Buy NOW pay later – is the reason that more than half of the population is struggling with over-indebtedness.
This makes taking credit and thinking you can pay later a lot easier, but before you know it, you're drowning in debt and can't get out. To maintain that quality of living, you will keep borrowing and living beyond your means. Something like COVID hits, and you understand you made a mistake and are stuck.
How do we fix the problem of overwhelming debt in South Africa or even the whole world now that we know what it is and where it comes from?
1.
Find a debt relief solutions company that is listed with the right South African government agencies and work out a friendly way to get out of debt.
2.
Find an answer that won't hold you back for life and that you can get out of so you can live a debt-free life.
3.
Be responsible when you get financing.
4.
Get in touch with a business that can give you the tools you need to learn from your mistakes and never again live beyond your means.
5.
Find a company that can look at your whole financial situation and promise to help you not only get out of debt but also teach you how to stay out of debt indefinitely.
