Owing a significant amount of debt is a stressful time for a Tennessee consumer. One of the most common consequences of this problem is attempts from creditors and debt collectors to get payment from the individual. They may send letters, call frequently, threaten to foreclose on the home or even repossess the consumer’s property. This can feel embarrassing, overwhelming and cause emotional distress.
In addition to the practical and financial implications of owing a significant amount of debt, there are unseen impacts as well. Some consumers with a debt problem may experience emotional distress. Financial struggles can affect personal relationships and many other aspects of life. There may be options available to an individual overwhelmed by debt to find both financial and emotional relief.
The unseen consequences of debt
There is a lot more to owing debt than a number on a piece of paper. The effects of financial problems are real, even if many of them are unseen. Some of the many ways people suffer because of their debt include the following:
- Debt often causes resentment among family members, especially if one feels that the other is responsible for the accumulation of unpaid balances and ongoing financial concerns.
- Stress is one of the most common ways that debt can cause suffering. A consumer may feel extra pressure to perform well at work, work more hours or avoid spending money on necessities.
- Someone who is struggling with debt may also be experiencing shame when he or she gets phone calls from debt collectors or starts exploring potential options for debt relief.
- Someone who feels as if his or her financial situation is hopeless may also experience feelings of depression. Studies find anxiety and depression are more common in people struggling financially.
- Denial is common for those who do not understand the potentially far-reaching consequences of their debt problem. They may ignore letters and notices in hopes that they can avoid the difficult consequences coming.
Debt is an emotional problem as well as a financial one. A person who is struggling with unpaid balances may find relief through various options, including bankruptcy. Depending on the income of the debtor and other factors, either Chapter 7 or Chapter 13 may offer a way to deal with debt in an organized and efficient manner. A consumer may want to consider speaking with a bankruptcy attorney to determine if this is an appropriate course of action for his or her financial situation.