Not only does debt harm your financial health, according to researchers, debt will hurt your social, emotional, and physical health as well. This may not be news if you have been struggling with debt yourself, but the conclusions of the study are startling.
83 percent of the 400 interviewed claimed that debt had negatively harmed their relationship with their partner. A little over one fifth reported their debt negatively affected their relationship with their child. Over thirty percent reported they did not tell their spouse how much debt they truly had, and twenty percent didn't tell their friends. Well over half (65%) claimed that their money issues affected the way they worked. Half said that debt hurt their health.
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Let's talk about this last issue a little: debt hurting your health. It's a good assumption that debt and stress are related, but we might not be aware of the massive extent of problems that stress causes to the body. According to Dr. Alan Manevitz, when we are stressed we experience a non-stop sense of alarm, where the body gives off hormones that cause negative long term physiological effects." These symptoms can manifest themselves into a disease called debt stress syndrome.
Dr. The doctor gives three points of advice for helping patients cope with debt stress syndrome. The key is to address the cause of the stress: your debt. First, he says, don't deny it. You have to admit that you are in debt. Unlike many people in the study who hide their financial troubles not only from their friends but their spouses, it's important to come clean about your debt situation. Second, he says, you must be proactive. If you feel like you are getting over your head in debt, think about researching information about Chapter 7 or Chapter 13 bankruptcy. Third, get help. Financial advisers and bankruptcy attorneys, for example, exist to help you put an end to your debt.
Tough as it is, debt can and does destroy lives. But, it doesn't have to. You are not doomed. In fact, you have multiple options which might, in part, solve your debt issues. Not only might you be risking your house, but you may also be risking your health. Like any serious problem, you should educate yourself with the most information possible before making any decision. Find free educational material about bankruptcy. You may be surprised to find that the answer to debt stress syndrome and the other effects was right here all along.
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