As Hollywood actor Ian Somerhalder reveals how his debt stress landed him repeatedly in hospital, UAE experts weigh in on its debilitating causes, effects and outcomes.<\/p>\n
“Lost and The Vampire Diaries actor Ian Somerhalder, 42, shocked his fans recently when he took to social media to reveal that the debilitating effects of being in debt had led him to be hospitalised four times over the past two years, an experience he said destroyed his “body, mind and spirit”.<\/p>\n
Revealing that he had been left in an “eight-figure hole” caused by a “terrible business situation”, the father-of-one called the stress of being in debt “a true nightmare day in and day out”.<\/p>\n
He credited his wife, Twilight actress Nikki Reed with helping him restructure his money issues and work on his mental health, writing on Instagram: “I’ve never disclosed this publicly, but this woman worked selflessly for two years to build me out of a terrible business situation I got myself into. I was left in an eight-figure hole. It was awful.”<\/p>\n
While much is made of the financial implications of accruing personal debt, such as your home or belongings being at risk if you do not keep up repayments, Somerhalder’s experience shines the spotlight on the debilitating toll such circumstances can take on mental health.<\/p>\n
\u2018Debt is one of the world\u2019s most common causes of stress\u2019<\/p>\n
People get into debt for all different reasons, from job loss and medical emergencies, to death and divorce. While the reasons people accrue debt are well known, the effects of financial insecurity on both physical and mental health are less talked about.<\/p>\n
“Plenty of research has shown financial stress to be one of, if not the most common cause of stress for both men and women, globally,” says finance coach and chartered accountant Carol Glynn. “The mental health effects my clients talk about include anxiety, feeling overwhelmed, hopeless, relationship difficulties, and many have unhealthy coping methods.<\/p>\n
“They feel shame and so often feel they cannot talk to family or friends about what they are facing. They often feel embarrassed, a failure and fear being judged by the people they care about.\u201d<\/p>\n
Anxiety, depression and hopelessness: the dangerous effects of debt.<\/p>\n
\u201cBeing in debt can lead to anxiety and depression, and chronic stress that can become part of your life for years,\u201d says Carolyn Yaffe, psychotherapist at Camali Clinic for mental health. \u201cPressure and constant calls from lenders and debt collectors may also trigger feelings of hopelessness leading to suicidal thoughts and actions.\u201d<\/p>\n
A feeling of loss of control can also lead to periods in which thoughts about debt are constant, affecting the ability to function on a daily basis.<\/p>\n
“A person no longer feels in complete control of their life,” says Johanna Richmond, a therapist at Cognitive Behaviour Therapy clinic in Dubai. “The fear of losing the ability of repaying the debt can become an obsessive thought, the sense of uncertainty pervades as time goes on, along with self-doubt and the loss of concentration. Anxiety will ensue, along with the potential for panic attacks.”<\/p>\n
\u2018I would wake up at 3am in a panic\u2019
\nEmbarrassment was a key component in why marketing manager Lisa Fellowes*, 41, who lives in Dubai, waited so long to seek help for the mental health effects her debt had brought about.<\/p>\n
“I felt really ashamed,” she recalls of having accumulated “around Dh120,000” ($32,675) in debt over the period of a few years. “I felt like no one would understand or that they would judge me and think I had frittered the money away on going out or handbags or holidays, when that couldn’t have been further from the truth. Just day-to-day existing costs money with rent, bills, food, gas. Everything started to add up and get out of my control.”<\/p>\n
My heart would be racing and I would have trouble breathing
\nA marriage breakdown that caused a division of assets and loss of financial support contributed to her debt, but Lisa admits, \u201cI wasn\u2019t particularly educated about money to begin with. I went from having no financial worries, to living pay cheque to pay cheque, to living beyond my means.<\/p>\n
“The effects on my mental health were quite shocking when I look back on it. The anxiety would wake me up at 3am. Just like \u2013 zing! \u2013 I would be wide awake with this absolutely horrible, overwhelming fear as I wondered what I was going to do.<\/p>\n
“My heart would be racing and I\u2019d have trouble breathing. But it wasn\u2019t just at night time, the stress was with me all day, too. It became hard to focus at work or when meeting up with friends because I was constantly thinking out scenarios in my head like: \u2018Maybe if I pay this card and not that one this month\u2019, or, \u2018What if I get ill or lose my job, what will happen to me?\u2019\u201d<\/p>\n
Richmond explains: \u201cThe threat of negative consequences leads to fearfulness, focusing on the \u2018What if … I lose my job, can\u2019t pay the debt, what happens to my family, my life and thoughts like that.’ The fear of losing the ability of repaying the debt can become an obsessive thought leading to a further loss of self-confidence.\u201d<\/p>\n
\u2018Talking about your situation will relieve stress\u2019
\nExperts are agreed that the first step towards tackling debt, and by extension the debilitating mental health issues that can stem from it, is to talk about it. The person you talk to doesn\u2019t have to be a finance expert, but could be a trusted friend or therapist.<\/p>\n
\u201cFeeling hopeless, depressed and anxious is an indicator you need professional help so search for a qualified mental health professional,\u201d advises Yaffe. \u201cIf you are unable to afford professional help you can check the coverage on your insurance or look for a mental health professional who will work on a sliding scale fee or offer to do pro bono. They are out there.<\/p>\n
“Talking about your difficulties will help to relieve stress,” she says. “Discussing the situation with a trusted friend or loved one that you are in a difficult financial situation and struggling with your mental health as a result, will help to relieve pressure. Even if they cannot assist you financially or fix the situation, the objective of opening up is an important way to release the burden you feel and talk through your feelings. This is much more productive than keeping it to yourself, which will only increase your anxiety.”<\/p>\n
Coping techniques: from spreadsheets to deep breathing.<\/p>\n
Glynn advises creating a comprehensive spreadsheet of your finances in order to achieve \u201cfinancial clarity\u201d and face up to the full extent of your debt.<\/p>\n
\u201cI very much focus on the person\u2019s personal values so we can come up with a financial plan, goals, budget and system that works for the individual,\u201d she says. \u201cThe idea is to ensure they are putting their money behind their values and so their spending, savings and general money habits are aligned with their personal values, ambitions and goals in life.<\/p>\n