Not only does it influence your credit score (making it more difficult for you to get a loan, should you need one) and hinder you from enjoying your money (because you’re constantly trying to get yourself out of debt), but it can also affect your mental health.

Axar.az reports citing Metro.co.uk.

‘Being in debt was extremely detrimental to my mental health, mainly because all the things I was supposed to be doing to help my depression (therapy, gym memberships, going out) cost money I didn’t have,’ she says.

‘Money is a huge source of worry for my age group, and most of my friends have lost sleep over money and debt at some point or another.

How to manage mental health issues caused by debt The most important thing is to make a plan to get yourself back in the green and hopefully, by doing so, you will lessen the stress and pressure you might feel.

‘Being in debt can cause serious mental health problems, can trigger depression or anxiety, and worsen existing mental health issues,’ Dr. Akash Patel, lead GP at MyHealthcare Clinic, tells Metro.co.uk. ‘While none of us enjoy the stress of being in debt, it can be a slippery slope when it comes to your mental health. 46% of people who have a problem with debt also experienced issues with their mental health.’