The world today is full of new challenges that are taking a toll on people’s mental health. The burden of financial struggles is one of the most significant challenges that people face today. With banks no longer giving out credit as they once did, the value of money and credit has decreased in the minds of the public. This has left people struggling to make purchases they need to survive. In the past, credit was a tool that many used to help finance their way through life. From homes to cars to simple purchases, credit made it easier to afford things we needed.
Today, however, things have changed. Banks are no longer so readily handing out money and, without it, people are facing more and more financial struggles. Our survival challenges are now real.
*Personally, I am faced with this reality that I can not seem to overcome. My credit isn’t bad, work history is stable, but I am at a stand still. Why? I am a ‘gig worker” self-employed. Nothing wrong with that, right? It’s a big obstacle when it comes to financial credit. Trying to purchase a car has been over-bearing in stress. In the “past” my signature was the ticket and a credit score.
Not in 2023, a credit score and work history isn’t a conversation for an auto loan. Now it’s, a big toe, an eyebrow, two co-signers, and lots and lots of money down. Yes, I had to add that added humor. Loans are no joke, and being a consistent gig worker with all financial documents, that’s not a stable income. Banks won’t even attempt the loan. That’s with a co-signer of decent credit. A co-signer would have to be a score of 720 or higher. Maybe this is a test of our connection in relationships after a period of social distancing.😷
However, they see the loan as to fragile to secure. Needless to say, even with the stipulations to banks terms of: The vehicle must be a 2014 model and less than 100,000 miles for terms of bank approval. A mental madness, if banks terms have this criteria; Why wouldn’t banks secure a loan that is $10,000? But lenders want $2500 or more down and the vehicle is generally $15,000 – $18,000. This is hard to grasp when a bank has ideal options of vehicles that fit their criteria. Oh and the blessing to say, your payment is $500 a month. No, thank you! I have never had problems purchasing new cars in the past.
My friends, this new age of mental health is financially uncertain. As buyers we once had the ticket with a signature and a hand shake. Those gestures are now social distant as banks have the upper hand. Money is power. Money is mentally our survival stability. *
Automobile loans, for instance, are much more complicated, requiring large down payments that many cannot afford. These changes are having a major impact on our mental health. The new age of digital exchange has further intensified this impact, showing us that the old paper money no longer holds as much value. Instead, it has given us a whole new set of challenges, teaching us to be more aware of our finances and forcing us to make difficult decisions on what we can and cannot afford.
This has had an unexpected psychological impact, making people feel overwhelmed, frustrated, and stressed. The pressure of financial difficulties can be daunting. Many feel like they are stuck in a hopeless situation and can’t escape. These mental health challenges are real, and we need to address them. To improve our mental well-being, we need to focus on learning to adapt to the new financial reality and developing better financial management skills. We must take a step back and reevaluate our finances to see what we can do to get out of this struggle.
Reality is, the new age of mental health is not only caused by personal factors but also the economic landscape. Our relationship with finances has a profound impact on our mental health, and we must acknowledge and address it. To build resilience in the face of financial struggles, we must stay educated, learn to adapt, and seek professional help when necessary. Let us all make a conscious effort to improve our mental health and overall well-being in these challenging times.
*Once this challenge is faced, I will update how I managed to get a car. If I am able to jump the hoops.. If there’s a will, there’s a way. Mentally I will find the strength and knowledge to get through this. One day at a time, one step in front of the other.🍀
Until our beautiful minds meet again be safe out there. Many blessings and much love.. Remember Everyday Minds Matter -Della 💞🦋