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Are you feeling guilty for the debt you have accumulated?

On Behalf of | Feb 26, 2021 | Bankruptcy |

Debt, from loans, credit cards and borrowing from friends may seem like a strictly financial issue that can only be evaluated with the use of a calculator. While debt is a financial issue, there are also psychological aspects of the debt cycle that can complicate things. One emotion that many people in debt struggle with is the feeling of guilt. If you are currently in debt and not sure of how to get out of the cycle for good, it is important that you first understand how the cycle of debt and guilt often works.

Debt and dependence often leads to feelings of guilt

If you are in thousands of dollars in debt, you may have lost hope that you will ever be able to pay it off. You may feel guilty if there were times you had been unwise with money, and you may worry that you may not be able to pay back your loved ones.

Feelings of guilt lead to avoidance tactics

Guilt is a strong and unpleasant emotion, and people often will do anything to avoid that feeling. This could mean that you go shopping, drinking or gambling in an attempt to numb yourself. Of course, this behavior perpetuates the cycle and leads to more debt.

If you finally want to get out of the cycle of guilt and debt, you may want to consider filing for bankruptcy. This could help you to transform your life for the better.