Credit Card Debt, Depression, and Addiction

Credit Card Debt, Depression, and Addiction

Credit card debt has increased to a point where many credit companies are now providing information about total financial outlay should people only pay the minimum balance each month. This is particularly useful to the population of first-time credit card holders who may not be as savvy to the implications of credit card usage. Creditcard.com, an informational site dedicated to credit cards, pulled together research on the usage of credit cards from a variety of sources and found the following statistics:

  • The average credit card debt per household with credit card debt is $15,799
  • 76 percent of undergraduates have credit cards, and the average undergrad has $2,200 in credit card debt
  • Total U.S. consumer revolving debt for 2009 was $866 billion; about 98 percent of that debt was credit card debt
  • The average unpaid credit card balance is $3,389
  • The typical consumer has access to approximately $19,000 on all credit cards combined

Debt and Depression

One of the major causes of depression is financial difficulty which includes credit card debt. When looking at why a person experiences credit card debt, some of the factors include the following:

  • Being unaware – particularly impacting late teens and young adults, the consumer is not fully aware of the impact of interest rates on their overall debt
  • Insufficient planning – a person does not financially prepare for an expenditure and turns to the credit card
  • Unexpected expenses – a credit card is often viewed as the first option when a person encounters an unexpected expense

How to Treat Depression and Addiction

When people realize how much debt they have accumulated because of excessive credit card use, many panic. Unfortunately, when a person feels panic, she will make poor choices that only worsen situations. Over a period of time, these poor choices, coupled with the inability to deal with debt, lead a person into a depression. As a person continues to spiral into negative thoughts and feelings, she sometimes seeks to relieve her depression through alcohol or drugs. The cycle of panic, depression, and addiction feeds itself because the person has now increased her expenses by allocating money to drugs and alcohol versus relieving debt.

Help for Debt, Depression and Addiction

The issues of addiction, depression or credit card debt cannot be resolved if you do not take action. Each of these issues feed off of each other and are only going to get worse unless you break the cycle. Reach out to a friend, family member, physician, counselor, spiritual advisor or community resource to learn about the options that are available to help you.

If you find yourself struggling with depression and addiction as the result of financial difficulties, the last thing you may feel you can endure is drug addiction treatment. However, keep in mind what the cost is now to you and your family for your addiction. We can help, so please call our toll-free helpline today. We are available 24 hours a day to answer any questions you might have about rehab expenses. We are here to help.