Spending money can be fun. Being in debt is not. While bankruptcy is not a magic wand that can transform the world from gloom to sun in an instant, it allows you a chance to make things better.
Financial problems can lead to mental health problems. These in turn can lead to further financial problems, as you splurge on treats to lift your mood or fail to be as productive as you might otherwise be. People lose their jobs due to debt-related depression, and they can also lose friends and family as they spiral downward into an ever-darkening hole and become harder to be around.
Having debt you cannot pay is stressful
Each person has different stress tolerances and reacts to stress in different ways. For every person who claims they thrive on it, plenty more suffer due to it. One report suggests debt makes suicide three times more likely. Clearly, a debt you cannot pay is a debt you cannot ignore.
Not that you will be allowed to ignore it. Lenders or debt collectors may fill your life with fear, as they constantly ring, email or knock on your door to ask when you are going to pay. That in turn may lead to you becoming cut off from people you want to speak to, as you refuse to answer your phone or the door.
Mental health can reflect in physical health
Debt-related stress can manifest itself physically, weakening your immune system and leaving you more susceptible to illness and with fewer defenses to fight a disease you contract. That in turn would lead to you spending more on medicines, and perhaps needing time off work that harms your income and increases your debt.
Debt and the problems it brings will not go away on their own. If debt has taken over your life then finding out more about bankruptcy is an essential first step to reclaiming life.