Did you have any idea how powerful debt can really be? It can affect your life in many ways that you never thought possible. If you have some debt to your name you need to be careful about letting it spiral out of control. Your debt troubles can dictate how you will live your life and that may be more destructive than you think.
Debt stress can lead to health problems
One of the dangers of having too much debt manifests in your health. It all stems from the debt stress that you will end up feeling when you think that your credit obligations are beyond your control.
WebMD.com published an article that discusses the debt stress connection to certain health problems. In general, any type of stress can lead you to health complications. But considering the rising money problems of people, you can expect that the leading cause of stress involves consumer debt troubles.
The article discusses the following facts about debt and its relationship to stress.
American Psychological Association conducted a survey in 2007 wherein more than 70% of respondents blame debt as a significant source of their stress.
Federal Reserve states that 3 out of 4 American households are in debt.
AP-AOL revealed that the debt stress in 2008 is 14% higher compared to 2004.
People who are stressed will feel a lot of medical ailments the longer they stay in that strained state of emotion. The illnesses can include ulcers, anxiety, back pain, migraines, depression and worse of all, the fatal heart attack. Apart from the financial difficulties, you have to consider the devastating effects that debt can have to your health because of stress.
Debt stress is characterized by symptoms that include sleepless nights, abdominal pains, headaches, heartburn and a decrease in appetite. Despite the health decline, you cannot afford to rest because you need to work longer hours just to make ends meet. Your physical, mental and emotional states will be all under severe strain because you will be amped to pay off what you owe. We are not meant to deal with that type of burden. Soon, we will exhaust ourselves and that can end up being very costly for us.
This state that we will be immersing ourselves in will cause us to be irritable, tiresome and in a bad lethargic mode when we get home. That can also take its toll on your personal relationships. You do not want that on top of your plate when you are already up in your neck with debt.
Credit problems keep people from seeking medical care
Another issue that will make you sick because of you debt troubles is the fact that you do not have money for medical care. An article released by Foxbusiness.com revealed an alarming issue about people who forego medical care because they have credit card debts to pay.
So even if you got sick because of other sources, you may be in danger of making your condition worse because of your debts. The article cited a study made by the sociologists of the University of Michigan that identified 64% of sick people foregoing medical treatment because they still owe money on their credit cards. 58% of the respondents in the same study also think about their existing medical debts and decide to forego the service of health care professionals.
The study said that people opted to prioritize their debts over medical care and this behavior seems to be more prominent with those who have credit card and medical debt. The same behavior is not really present in consumers who are found to have mortgage or student loans.
This behavior will lead to more problems that include the following:
Bigger medical expense (the worse the condition, the more expensive treatments may be needed)
Inability to work because of poor health
Lower finances as a result of the inability to work
Additional strain and stress for the rest of the family
How to keep debt from making your sick
All of these paint and alarming picture of people with mounting debt and declining health conditions. If you are currently in debt, you do not want to end up like these people so you need to act now. There are a couple of things that you can do in order to ensure that you can protect your health from the devastating effects of debt.
Get a health insurance. You need to learn how to buy the right health insurance that will keep you from foregoing medical treatment despite your lack of finances.
Enroll in a debt relief program. This will help you deal with your debts so that you can make better progress when it comes to paying them all down.
Practice proper financial management and spending habits. Even if you get out of debt, if you are unable to correct the mistakes that you made in the past, it will all be for nothing. Make sure that you keep yourself from debt so that you can enjoy the fruits of your labor fully.
Here is a video that you can watch to help you identify how you can provide your family with a financial safety net in times of a crisis.