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The 7 emotions of overindebtedness

The 7 emotions of overindebtedness

Article updated on 17/06/2021
Overindebtedness isn’t easy to deal with. Because it comes on slowly, it’s not always apparent how to recognize the signs. But being able to recognize the emotions it provokes is already an important step in resolving the problem.

The state of our personal finances affects us more than we think.

Denial, shame, fear, anger, indifference, helplessness, guilt… Overindebtedness gives rise to a variety of emotions, and different people don’t react the same way to the stress created by a precarious situation. In any event, the first step in re-establishing our financial health is to recognize the emotion it provokes.

How do these emotions express themselves? Nothing better than hearing from people who have lived through financial difficulties in order to help you see things more clearly.

“It’s only temporary. By next payday, things will be better.”

This is DENIAL. This emotional state is characterized by the belief that the financial crisis doesn’t really exist, despite some obvious signs and warnings from those we’re close to.

“I’m not the type to go bankrupt.”

The disagreeable feeling of SHAME is caused by the realisation that perhaps we haven’t managed our personal finances as well as we should have. In this case, the person has developed the reflex of defending his weaknesses or failures. No need to be ashamed of declaring bankruptcy.

“I don’t want to lose everything I have.”

Financial hardship can provoke an inordinate amount of FEAR.  This painful emotion is born from the realisation of the gravity of our financial difficulties. It can often lead to financial insomnia, which can profoundly affect the behaviour of someone living with this condition.

“It wasn’t supposed to happen to me.”

Eventually, fear can lead to ANGER.  We can recognize this emotion by the bitterness or the intense rage that we feel towards people who refuse to help us.

“What do you want me to do?”

A feeling of INDIFFERENCE sometimes manifests itself in certain people. We see it in the total lack of concern faced with the precariousness of their situation, as if they can no longer see the trap that awaits them.

“I’ve done everything I can to get out of it, but nothing worked.”

The feeling of having tried everything translates itself into a feeling of HELPLESSNESS. Very close to discouragement, this emotion arises because of our perception that we are unable to remedy our financial situation.

“I don’t want other people to be affected.”

Some people feel massive amounts of GUILT when faced with financial difficulties, leading them to blame themselves for the wrongs they may have done to others. This can keep them away from their loved ones.


To summarize

The road to overindebtedness can lead to people experiencing a wide range of emotions. Since the process can take several months, it’s important to quickly identify these emotions in order to recognise the problem and be able to rapidly move to better emotional balance. And solutions do exist.

If your financial situation is getting worse and if you recognize one or more of the emotions we’ve identified, you have the power to change things. Financial recovery counsellors and Licensed Insolvency Trustees at Raymond Chabot are here to help you find a solution to your debt problems, but also to quickly help you find peace of mind.



Meet with one of our counsellors for free

Don’t ignore a debt problem that’s ruining your life. Let’s work together to help you regain control of your finances.