When you’re drowned in debt and have numerous loans to pay off, it has an adverse effect on your finances as well as health. Yes, money problems take a toll on your physical and psychological health and wellbeing. Therefore, you need to take the right steps to dig out of your debt. When you have to repay many creditors, it will leave you stressed, affecting your body, emotions, and relationships. Based on the findings of a 2012 study in Family Relations, newlywed couples arguing about finances may split within a period of five years compared to couples who argued on other aspects. All of this affects your family and kid’s health.
According to an article published on https://www.huffingtonpost.ca, student loans are a concern in the US and Canada. Based on the findings of the Canada Student Loans Program, graduates finishing school in 2013-2014 had an average of $12,480 debt. Such loans have a detrimental effect on a student’s mental health and wellbeing. They often report poor psychological health due to mounting debts.
Therefore, you see debts not only affect households but also students pursuing graduation or higher studies. They need to think of ways to dig out of their debts and lead a happy and financially stable lifestyle. Read on to learn more about how debts affect health and ways to solve it.
More than 50 percent of Americans with high-stress levels reported lower back pain and muscle stiffness. The cause is their mounting debts. The others reported health issues such as migraines, killer headaches, acute anxiety, severe depression, mood swings, heart attack, digestive problems, and ulcers. As far as credit card debt is concerned, it affects your health severely, especially if you have high, unpaid credit card balances. The problem will take a worse turn if you fail to make the monthly payments on time. This way, your balance will accrue together with high rates of interest and late payment penalty.
Based on the findings of a 2013 study by the University of Michigan, abnormal credit card loans led to fewer doctor visits. People plagued with credit card debts and health issues often hesitate to visit a medical professional even when they fall ill, not taking medical assistance and protective care. Consequently, their health problems take a turn for the worse, both physical and psychological.
Debt and health concerns
Debt can make you seriously ill. Based on the findings of Northwestern University in 2013, the subjects under the study had acute blood pressure problems due to loans. Another study by Ohio State University, debt-related stress led to reduced production of healthy bacteria and high levels of harmful bacteria in the human digestive tract. The study showed that 44 percent of high debts and stress suffered from headaches and migraines. People with fewer debts experienced little stress. The other health issues reported were sleeplessness, insomnia, anxiety, depression, irritation, anger, and frequent mood swings.
Sickness and social isolation
When you’re drowned in multiple debts and unable to repay, the financial stress will make you sick. You will feel isolated from your friends, family, and coworkers. You will refuse a social invitation or a movie night with friends or coworkers because you have no money for these luxuries. When you are in debt and refuse invitations, your friends will start avoiding you, thinking that you do not like to socialize with them. Debt will also make you sick, and therefore, you cannot travel with your family for a vacation. The solution is taking a consolidated loan from a lender after looking at debt consolidation ratings, thus making one single payment in a month.
Debt is life-threatening
Debts make you feel ashamed and embarrassed, leading you to withdraw from your family and friends. It leads to social isolation and become life-threatening if you do not address the problem. It may even lead to self-destruction and suicide attempts. Therefore, if one experiences such symptoms, he or she must consult a medical professional or a psychologist for preventive care.
The solution – Repay your debts
If you are plagued with debt, there is no point in feeling sad or depressed. The best way is to repay your debts and be on track and move in life. We recommend that you apply for a consolidated loan and merge all your debts into a single account. This way, you will need to make one monthly payment with a reduced rate of interest. There are no worries about multiple loans and due dates. This way, you will not forget the dates and default.
Analyze your finances
First things first, assess your current financial condition. Look at your earnings and expenses. You must request a copy of your credit report. Look at your credit rating. You will get a free copy of the report from the three major US bureaus. Once you have the report, you will know your financial situation.
Create a budget
Start with a monthly budget. You will find many online tools and apps that will help you stay within your means. When you have a budget in place, it will help you meet your financial goals so that you can spend according to your income and expenses. Pay off your loans first. You can also take the assistance of financial experts to help you stay within budget. Though it will cost you, therefore, take your call if can manage to pay for the services.
Change your lifestyle
Your top priority is paying off your existing debt. Therefore, you need to adjust your lifestyle. Avoid spending on movie tickets, eating out in restaurants, and shopping. Even though you have taken a consolidated loan, you need to repay the same. Therefore, avoid unnecessary expenses. Eat home-cooked meals. You can also take a part-time job in addition to your regular job. It will help you to repay your loan and become debt-free quickly.
Becoming debt-free is not easy unless you take a consolidated loan, especially if you have numerous loans. With effort, dedication, discipline, and support, you will dig out of your debt. There is no doubt about the same.
To read more on topics like this, check out the money category