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In Debt in Wilmington? Your Health Could Be at Risk!

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Stress

Debt and stress can wreck your health

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For those Wilmington consumers struggling with debt they can’t afford, it’s important to understand that financial delinquency affects far more than just your wallet. Did you know that financial stress can affect your health, quality of life, and even shorten your life span? Most of us feel financial stress sometimes.

If you worry that you can’t save for retirement, that can be stressful. But if you’re living paycheck to paycheck, being hassled by debt collectors, and worried every day, you might experience more significant health effects. Here’s a look at important facts about debt stress.

#1 Income Level Doesn’t Shield You From Debt Stress

A survey from Financial Finesse found that those at lower income levels, as well as moderate and high-income levels all experienced debt stress. Debt stress was shown to be worse for those earning less than $60k and less at income levels over $100k, but debt is a common factor from those that are unemployed all the way up to six figure incomes.

#2 Student Loan Debt Causes Health to Decline

A study by the American Student Assistance Organization showed 40% of survey respondents said worrying about student debt had impacted their health. Additionally, a Gallup study found the greater your student loan debt grows, the more likely you are to experience declines in your physical health. Some of the impacts include sleep problems and lack of focus at work.

#3 Most Everyone Has Debt Stress

A study by the American Psychological Association found that 73% of people listed money problems as a significant source of stress in their lives. Those that had listed debt stress cited symptoms including migraines, back pain, anxiety, and depression. These same symptoms can affect Wilmington consumers in the same way or a variety of other health complaints related to stress.

#4 Unemployment Causes Physical Pain

A recent study from Psychology Science surveyed almost 34,000 households found that unemployed people were more likely to buy over the counter pain killers. If you’re a Wilmington consumer struggling with job loss or other debt stress, you should know that even thinking about past financial problems can cause physical pain. That’s upsetting to consider.

#5 Debt Can Even Cause Mental Health Issues

It might also be disconcerting for Wilmington consumers to know that not only can debt and money woes affect your physical health, but it can also impact your mental health. Worrying about debt can make your more vulnerable to mental health issues which, in turn, can decrease your self-control which can also increase your spending and make your financial stress worse.

#6 Financial Problems Tied to High Blood Pressure

A study by Northwestern Medicine looked at younger consumers, ages 24-32, that aren’t naturally in the at-risk demographic for high blood pressure. People with higher debt demonstrated a 1.3% increase in diastolic blood pressure. That’s enough to increase hypertension and lead to greater risk of stroke. That’s a frightening statistic for Wilmington consumers in debt.

#7 Higher Debt Causes Greater Risk for Depression

The same study found that those with higher debt reported almost a 12% greater level of perceived stress which means stress you can identify and feel that you’re undergoing. And symptoms of depression grew by more than 13% when debt levels increased. The bottom line is that finances weigh heavy on us from both a mental and physical health perspective.

What qualifies as high debt varies by the individual consumer. Some Wilmington residents might feel stress if they have to carry even a small amount of debt on a credit card month over month. For others, debt stress might trigger based on a set dollar amount or when you run late on a bill. But most of us in our lives will experience debt stress and the associated negative impacts.

To find out more about how Wilmington bankruptcy can help you get out of debt and positively impact your quality of life, contact the Law Offices of John T. Orcutt today. Call +1-919-646-2654 for a free North Carolina bankruptcy consultation at one of our locations in Raleigh, Durham, Fayetteville, Wilson, Greensboro, Garner or Wilmington.

 

Resources:

Debt.org study

Student loan debt health

Study on financial stress

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