Carrying Unmanageable Debts Isn’t Just Hard on Your Wallet; It’s Hazardous to Your Health

Published Friday, May 15, 2009 @ 8:30 am

Just about everyone carries some debt whether it’s a mortgage, car loan, student loan, or just an outstanding balance on a credit card here and there. Debt, by itself, is not necessarily bad. In fact, borrowing money to buy things is not only necessary in many cases; it’s smart. Not many people can plunk down $350,000 for a house, $75,000 for a four-year degree, or $25,000 for a car. And when it comes to mortgages and student loans at least, the long-term benefits often outweigh the cost of carrying the debt.

But there comes a point at which the benefits of credit evaporate, leaving nothing but burdensome debt. For some, this happens over a period of time as they slowly accumulate more and more debt. For others, it happens suddenly, because of a tragic unforeseen event that cuts off their regular stream of income: death, divorce, job loss, etc. Either way, the person is left in a financial lurch that he or she simply doesn’t have enough money to pay the bills. Over time, the problem just gets worse as the debts grow, the late notices roll in, and the calls from creditors pick up in frequency and intensity.

If you’re in this position, you’ve undoubtedly experienced some degree of stress and anxiety about your plight. This is, of course, quite natural. You’ve borrowed money that you now can’tpay back and your creditors are playing on your sense of moral responsibility and your fears of losing everything in a lawsuit. This would cause anyone to fret and worry.

But what you might not know is that this kind of stress can lead to major health problems if it continues unchecked. The Associated Press recently teamed up with AOL to survey the relationship between debt levels and health problems. The AP-AOL Health Poll surveyed more than a thousand adults and asked various questions about their health condition over the last year. It then compared the answers of those who reported having a low amount of debt with those who reported having a high amount of debt.

The results of the survey were alarming. Compared to their low-debt counterparts, almost twice as many high-debt carriers suffered muscle tension (51% vs. 31%), almost three times as many suffered migraines (44% vs. 15%), and more than seven times as many suffered severe anxiety (29% vs. 4%). Also, more than three times as many high-debt carries dealt with ulcers and digestive problems (27% vs. 8%), almost six times as many struggled with severe depression (23% vs. 4%), and twice as many had heart attacks (6% vs. 3%). Those struggling with high stress related to debt also reported suffering problems with concentration, sleeping, and irritability much more often.

This should serve as a wake-up call to those struggling with unmanageable debts. If you’re in this situation, it’s time to take action. The practical, everyday problems of dealing with this situation are enough. You’re already stretching yourself too thin financially as you try to make ends meet, and you’re already dealing with the inevitable stress and anxiety that comes with this lifestyle.

You don’t have to continue spinning your wheels in a fruitless effort to appease your creditors. The emotional and physical toll simply isn’tworth it. Bankruptcy was designed to help people like you. Call a bankruptcy attorney today to learn how you can rid yourself of this unhealthy baggage and make a fresh start!

In North Carolina, contact The Law Offices of John T. Orcutt, with convenient office locations in Raleigh, Durham, Fayetteville, and Wilson.

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