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Financial dependency, within the realm of personal finance and psychology, is a situation in which one person becomes reliant on another individual or entity for financial support, often to an extent that hinders their ability to manage their own finances independently.
Further problems can include ruined credit history, theft or defalcation of money, defaulted loans, general financial trouble and in some cases bankruptcy or extreme debt, as well as anxiety and a sense of life spiraling out of control. [53] The resulting stress can lead to physical health problems and ruined relationships, or even suicide. [54]
A troubled debt restructuring (TDR) is defined as a debt restructuring in which a creditor, for economic or legal reasons related to a debtor's financial difficulties, grants a concession to the debtor that it would not otherwise consider. As such, in order for a debt restructuring to be a considered a TDR, two conditions must be present:
Facing financial difficulties can be stressful. Whether you’re going through tough economic times or facing other roadblocks to your debt repayment, a financial setback can make you feel like ...
It is a form of abnormal psychology that can lead to more common mental health diagnoses, such as depression, anxiety, and insomnia. [11] [15] Individuals with sudden wealth syndrome often lose their fortune quickly after receiving it. [16] The severity of sudden wealth syndrome is dependent on the individual and their financial circumstances.
Anticipated pain of payment is “the negative psychological affective reaction consumers experience when they become cognizant that they will or may lose a certain amount of their financial resources in the future.” [4] These new definitions consider that pain of payment can be experienced both after and before making payments, can be ...
In psychology, stress is a feeling of emotional strain and pressure. [1] Stress is a form of psychological and mental discomfort. Small amounts of stress may be beneficial, as it can improve athletic performance, motivation and reaction to the environment.
Mental accounting interprets the tendency of people to mentally segregate their financial resources into different categories. In the event of financial losses or gains in different mental accounts, people will be impacted differently than if the financial loss was integrated across their entire financial portfolio.