In 2022, the American household debt hit a record-breaking number: $16.9 trillion! The most common debts are those related to credit cards, mortgages, and vehicle loans. The situation across the pond is not much better either. The European Union Household Debt reached 7,361.2 USD billion in December 2023. The rising cost of living is creeping in, causing stress, anxiety, and depression across all continents.

In response to increasing financial pressures, many individuals are turning to alternative methods of income generation, and online casino platforms are emerging as a promising option. Some websites provide a diverse array of online casinos that offer a 25 euro bonus without requiring a deposit, allowing players to enjoy any slots after registration. These platforms cater to those seeking entertainment and potential financial gains without the burden of additional financial commitments.

With the ease of access facilitated by these platforms, individuals can explore various virtual gambling establishments, testing their luck and skill without dipping further into their already strained finances.

For many grappling with debt, these platforms offer a semblance of relief and excitement amidst the tumultuous landscape of financial strain. As the demand for accessible avenues to alleviate debt grows, these platforms play a pivotal role in reshaping the narrative surrounding financial empowerment and management.

How Debt Affects Our Psychological Wellbeing?

Portal accentuates the relationship between debt and our psychological wellbeing:

  • People who are in debt will more likely experience problems with their mental health.
  • At the same time, people with mental health issues are more prone to debt.

No matter which way you look at it, it is impossible to have one without the other. To make things worse, the mere existence of debt may lead to irresponsible behaviors that can generate even more debt.

One of the most common phenomena is denial. So many put effort to keep up with Joneses, and simultaneously actively ignore the fact debt exists. Such individuals need an outside wake-up call to recognize the issue, e.g. a rejected credit card in front of their friends.

Another is anxiety, as people tend to get scared of debt so much that they get unpleasant physical manifestations even just thinking of it. Debt anxiety may manifest in increased heartbeat, panic attacks and heat waves. Acting like nothing is happening to avoid physical distress is very common.

Ultimately, debt often causes depression, a disorder that may manifest in many different ways. One of the most common ones is impulsive shopping. Short-term heights that put the person in the right mood are a recipe for disaster, leading to even higher debts.

In Western societies stress due to debt is becoming an epidemic. Is it possible to fight it?

Is It Possible to Overcome Debt Dependency and Stress?

The good news is, it is possible to fight the stress caused by debt. However, to do so, it is necessary to face financial troubles without pink glasses on and change our behavior and even our perception of debt.

Know Your Debt

They say it is important to know your enemy, and debt is no different. Check all your bills and learn what led you to debt. Are you in debt because of housing? That’s not too bad, as you still get a home to live in. Ask your mortgage company or bank to renegotiate the deal. Are you in debt because of late-night Amazon sprees that result in taco blankets and XXL packages of gummy bears? You need a reality check to put your finances in order!

Not every debt is the same, nor should it be treated like it is. If it is for a reasonable cause, it is probably worth it.

Seek Help From A Specialist

Asking an independent third party for help is a good idea. One door to knock on is that of your therapist. They will teach you mechanisms to fight debt-induced stress. The other is a financial specialist who will go through your expenses once again, and create a sustainable mechanism to go back to green.

Seeking help is no sign of defeat, but responsible financial behavior. If you think you are being judged, surround yourselves with people who have empathy and show support.

Analyse Your Expenses

Did you know that an average US household pays $133 more monthly on subscriptions than they think they do? That is a massive amount of money, especially when you calculate that it is close to $1,600 annually. Now, that is an amount that would come in handy!

Check your bank statements and cut down on all the costs that are not a necessity. Also, make some adjustments to your lifestyle. Do you really need to hit the gym, if you have an outdoor workout space nearby and an abundance of free exercise videos on YouTube? There are probably more ways to cut the cost of living than you think.

Focus On Baby Steps

The most efficient way to fight debt stress is to focus on small victories. The chances you’ll get out of it in the next fortnight are low. Still, allow yourself some room to breathe and be happy with even the smallest progress.

Small steps are what keeps you focused on the goal and keep moving. However, even if there is a stagnation in the process, don’t despair. Rome wasn’t built in the day!

Remember, you are more than the money you have or the money you owe. It is equally important to take care of your psychological wellbeing as it is to take care of your finances. Addressing the struggles and finding help are the first steps in the process. Developing efficient camping mechanisms is vital to succeed in managing your debt.