The Downward Spiral of Debt psychology

April 5, 2019 by admin0

Debt psychology is one of the hottest topics in the world of psychology today. More and more researchers are picking up the effect of debt on people as their topic of study. Psychologists are keenly curious about the reasons why a person goes spinning into the spiral of debt, something that throws people into a bottomless pit. What makes matters worse for people is that the entire sales and marketing scenario encourages you to acquire debt.

There are credit card companies offering credit cards free of any charge. There are brands offering monthly installment payments on anything you buy. There are banks offering you discounts and rebates on loans. In short, the temptation of borrowing or acquiring debt is spread out, and strong. Once people start incurring debt and live the good life, on money that they don’t have to pay immediately, there is no going back from it! Your expenses and the debt amount goes up every single day, with each day hiking up the amount you have to pay.

The Downward Spiral of Debt psychology

Most people in such situations grab more debt to pay off debts that are an immediate threat. The ease of getting loans is also something that everyone has to be aware of. Unless there is a medical emergency or some other problem that leaves you no other choice but to take a loan, you should be avoiding them. Psychologists say that the first step to get out of this problem is to stop taking loans from every source, however problem-solving the debt may seem on first sight. Loans also become a sort of addiction for some, since they are not really earning the money but simply taking it without any immediate payback.

After you take the first step of avoiding any further loan, you should change your lifestyle to suit your income. Yes, it may be tough and humiliating as well but it cannot be more insulting than people asking you to repay their loans. Outstanding debt can be a huge embarrassment for the family and friends. Before they start avoiding you in fear that you will ask for a loan from them, you should get control of your life back. Psychologists address the people suffering from the addiction of asking for debt individually and in group sessions of like-minded people.

Get professional help if you cannot help yourself from getting more debt. Our trained psychologists at can help you.

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