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Both good and bad debt have an emotional impact

Whether you consider your debt good or bad, researchers have found that it has an emotional impact on you over time. It can also cause psychological issues. This is significant when the average person in the United States has $15,950 in credit card debt, just under 40 percent of them carry debt over into the next month, and college students average $40,000 in student loan debt.

So, what types of issues can debt create? It can lead to anxiety and depression. People who have a hard time paying things off have twice the risk for both issues. Even if you're able to make the payments at the end of the month, it can still cause a lot of anxiety if you're just scraping by.

Debt can also have a big impact on personal relationships, even causing people to resent one another. This is an issue when a spouse loses a job, for example, making money even tighter than it was before, or when one person is debt free but then marries someone who has a lot of debt or who accumulates a lot of it after the marriage.

In addition, debt can lead to overall stress -- which has been linked to other health issues -- denial, anger, regret, frustration, embarrassment, fear, shame, and a host of other issues that change how you feel about yourself and how you live your life.

As you can see, knowing all of your legal options to get out of debt is about more than just the finances. It may be necessary for your mental well-being. Make sure you know what debt relief options are out there, including bankruptcy.

Source: The Simple Dollar, "The Emotional Effects of Debt," Kristen Kuchar, accessed Oct. 14, 2016

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