There are two types of debt in the accounting and finance perspective. There is good debt which is an amount of money borrowed from a party that will grow in value or generates some long-term income for the individual.

There is also bad debt, which is the debt incurred from the investment in things that quickly lose their value and do not generate any income, or the debt carries with it high-interest rates.

For the sake of this article, we are going to focus mainly on lousy debt as it is the leading cause of negative legal implications and emotional effects on an individual.

Stress-related is termed “the debt stress syndrome” which is a phenomenon related to mounting pressure to pay bills leading to debt-prompted illnesses. According to “The average American has $15,950 in credit card debt, and 39% of Americans carry credit card debt month to month.” A debt attorney is really your best choice for finding our your options – you must talk to a professional.

The statistics indicate the problem even goes further to student loans that have grown significantly in the past few years. This increasing number of debt has psychologically affected individuals leading to emotional effects such as:

1. Resentment.

This emotional effect is manifest in individuals who are in relationships.

Some people in dealing with stress revert to resenting their partner or passing blame so that they don’t have to carry the burden of responsibility.

Especially when one party came into the relationship with more debt than the other the one with less debt will fell as if they are being weighed down by the other.

2. Depression and Anxiety.

The constant worry about money can trigger anxious feelings which can cause an individual to be overwhelmed and have a sense of hopelessness.

The higher the anxiety levels, the more likely a person is to have depression and a host of mental health problems – you must learn to manage your anxiety.

3. Anger and Frustration.

Dealing with debt repayment can be frustrating especially in instances when the holder faces circumstances such as loss of a job or emergencies that need cash.

This frustration can cause anger outbursts or destructive behavior as a mode to release the anger.

4. Stress.

Having debt can also make a person to become stressed which is brought about by the anxiety of thinking or overworking yourself to get out of the debt situation.

Debt has a financial obligation of the person owing money to make payment after an agreed period it then has a legal implication to it.

Let’s, therefore, consider the legal effects of debt regarding the inability to make repayment.

1. Creditors who advance the debt have the legal capacity re-poses the asset that they gave you then sell it to recover their monies. If the debt was in the form of liquid cash they have the option of garnishing your income, that is arranging an automatic deduction from your salary or auctioning any asset you own to recover their debt. However, the procedure is, the creditors must first give 30-days notice to the debtor to resolve their debt.

2. As a debtor, there are legal avenues that you can pursue to ease the deficit such as an application of a hardship variation to force the creditor to change the agreement terms of the debtor file for bankruptcy which means you are not able to meet the repayment obligations.

Managing Stress

Stress management can be done in a variety of ways, from meditation to aromatherapy, to using cbd, and even essential oils and exercise. In fact, according to research, Lavender Essential Oil. One of the best-known essential oils in aromatherapy, lavender oil is prized for its calming effects on the body and mind and ability to lessen anxiety

Covering all these aspects is beyond the scope of this article, but you can find out more information from the following resources: