The link between credit cards and depression

Those who are struggling with debt in Southaven know that there can be many negative effects of that struggle: stress, worry, anxiety and potentially even depression. According to a recently reported study, even small amounts of debt can cause depression. Due to the severe effects of unmanageable debt, local residents may wish to learn more about filing for bankruptcy and how it can eliminate or consolidate debt.

Researchers from the University of Wisconsin-Madison observed that short-term household debt, such as credit card debt, increased symptoms of depression. The same was true of overdue bills, which can coincide with heavy use of credit cards to meet one's everyday expenses. Interestingly, the researchers found that the tendency of debt to cause depressive symptoms was higher for those who were unmarried.

In today's ever-changing society, many young adults, as well as the middle-aged and senior citizens, may find themselves trying to cope with debt alone. It's helpful to know that overwhelming debt doesn't have to be faced alone, however. A legal professional experienced in bankruptcy protection for individuals can educate clients on the benefits of Chapter 7 or Chapter 13 bankruptcy - both of which can empower an individual to get out from under suffocating debts.

The study reviewed data on more than 8,500 adults of working age and found that nearly 80 percent of respondents indicated they had debt, with long-term debt being the most common. Financial challenges, though, don't have to be long-term. Those whose debt may take years or even decades to pay off may be interested in learning more about individual bankruptcy and its ability to wipe out credit card debt and other types of consumer debt.

Source: Science World Report, "Even A Little Debt Can Cause Depression," Kathleen Lees, May 1, 2015

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