How Debt May Affect Your Health

How Debt May Affect Your Health

 

Anyone who has ever been in debt knows that the situation affects more than just your bank account. The relationship between debt and health has been studied for decades and it appears that there has always been evidence that debt affects not only your physical but also your mental health.

Canadian researchers have studied for decades the issue of living with heavy debt and the physical and mental ‘side-effect’s’ of owing money. CBC News reported in 2015, Finnish researchers oversaw the comparison of 33 peer reviewed studies on the subject, and came to the same conclusion – indebtedness has serious and damaging effects on our health.

Debt has been shown to lead to anxiety and relationship troubles. A 2013 study from Northwestern University found that adults between the ages of 24 to 32 became more anxious when their debt-to-asset ratios were high and if in a relationship, couples were likely to argue more frequently adding additional stress to an already tense situation.

Debt can also raise your blood pressure; lead to poor health and even lower your immunity. The Northwestern researcher Elizabeth Sweet said “We’re seeing that debt really does have serious impacts on psychological health,” says Sweet. “It causes a feeling of being underwater and not being able to get out, and that can really drag on for a long time and do a lot of damage.”

Additionally, an Associated Press/AOL Health poll indicated that receiving credit card statements in the mail was enough to trigger high levels of ‘debt stress’ and those suffering had frequent migraines and headaches up to 30% higher than those with low levels of debt. Add to that stress related illnesses such as muscle tension, back pain, ulcer or digestive track problems and perhaps even heart attacks.

Study after study show that levels of stress are not relevant to how the debt was incurred. Whether it was a job loss, credit card mismanagement, student loans, personal loans, or an unmanageable mortgage, the negative impact on how we view ourselves and our self-value is greatly affected.

There are serious emotional factors to take into consideration when looking at debt. Those closest to us will notice the changes first, followed by those we have surrounded ourselves with – neighbours, co-workers – and we may find ourselves being slowly shunned because of our defensiveness, negative attitude, and inability to participate in things we used to enjoy.

7 Ways Debt Can Affect Your Health:

 

High blood pressure
Anxiety and anxiety attacks
Depression
Lowered immunity
Chronic aches and pains
Illnesses such as ulcer, digestive track problems, heart attacks
Loss of relationships

Kelly McGonigal of Stanford University says, “What’s dangerous about debt is how pervasive and chronic it is. Most things in life that stress us out—a car accident, a divorce, a death in the family—happen, and then they’re over. Our bodies are designed to respond to these ‘emergencies’ and bounce back, whereas owing money can become completely inescapable.”

There are non-pharmaceutical remedies for anxiety, and if you are aware of this common side effect of debt, you will be able to tackle the anxiety before it has a chance to lead to further health issues and have a negative impact on relationships.

Being in debt can be isolating but it does not have to be. If you are aware of the potential mental and physical health threats, you can take measures to avoid them. At the same time, look into getting the professional advice needed to educate yourself on the options available to successfully deal with your debt.

I have met with thousands of people in order to discuss putting a plan together to get out of debt and have been successfully doing so since 2010. At 4 Pillars, you are a “client”, not a “debtor”. Our clients are typically debt free in about 36 months and we have a national success rate of 97%. We believe these are the best stats for this industry in Canada.

There is more to life than suffering with debt. For our Dockside Business magazine article, we came up with a slogan, “At 4 Pillars, we don’t help our clients simply weather the storm, we help them rise above it!”

 

Ryan Brown
Debt Relief Specialist
MUSKOKA / PARRY SOUND