Let’s talk about debt and the emotional journey

Did you know that 38 percent of Canadians say that money is their biggest source of stress? Additionally, 35 percent of Canadians report that financial stress is leading them to experience anxiety, depression and other mental health challenges according to the 2022 FP Canada Financial Stress Index.

There’s no doubt that debt can have a negative impact on your mental health. But you may not be aware that there is an actual emotional journey that you go through when you experience financial stress.

What is the emotional journey of debt?

This emotional journey of debt can make you feel anxious, overwhelmed, ashamed or afraid. If left unchecked, this stress can affect our relationships with friends, family, and co-workers — and severely impact our day-to-day lives.

Tackling the sources of your financial stress is essential for the sake of your mental, physical and financial well-being. It is possible to relieve the feelings of anxiety, panic, shame, or fear caused by the emotional journey of debt. But you can only regain your hope and confidence if you deal with those emotions at their source.

How to find resources to support your mental health

The Canadian Mental Health Association (CMHA) recommends that individuals experiencing the negative effects of stress should talk about it with someone they trust. This can include a close friend or a family member.

You can also search online for free resources to help you learn strategies to support your mental health. For example, today is Bell Let’s Talk Day — a day for people to share their experiences to raise awareness of the importance of mental health.

You can join the conversation online or visit the Bell Let’s Talk website to explore resources that will help you build skills and strategies to improve your mental well-being. However, it is also important to address the root cause of your stress. If money is a major challenge, that means taking steps to improve your financial situation by talking directly to someone who is qualified to help will inspire you to feel hopeful about your future again.

Find a professional to help address your financial stress

There are many options for dealing with your debt, but it is important to remember the saying: if it sounds too good to be true, it probably is. When you reach out to talk to someone about your financial stress, make sure the person you’re speaking with is qualified to advise on all your options — including Bankruptcy and Consumer Proposals — and is legally required to provide an unbiased opinion on which solution would be best for your unique situation.

Licensed Insolvency Trustees (LITs) are the only professionals regulated by the federal government, and are the only professionals authorized to administrate procedures like Bankruptcies and Consumer Proposals — which can free you of your debt burdens. Reach out to an LIT and set up an appointment as soon as you can to take the first step in managing your financial stress and improving your mental health.

Take control of your financial future

You don’t have to face the emotional journey of debt by yourself. Our professionals will work with you to find a solution which can be adapted to your unique circumstances and tailored to your needs. We will listen, understand, and empathize with your situation and will design a plan that works for you. We can help you get out of the debt cycle and take control of your financial future.